IRA Charitable Rollover

On December 18, 2015 President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (PATH), retroactively reinstating the IRA Charitable Rollover provision for all of 2015 and permanently extending the Rollover into the future.

Gift Parameters

  • If you are 70 ½ or older and own an IRA, you can give up to $100,000 per calendar year.
  • Your gift must be complete on or before December 31 of the calendar year in which you choose to utilize the IRA Charitable Rollover gift vehicle for tax purposes. Generally, if sent by US mail, the postmark determines the date of gift; if sent via cash wire, date of gift is determined by the date the funds reach NRF’s account.
  • Your gift must be made to a qualified public charity, such as the Natural Resources Foundation of Wisconsin (NRF).
  • Distributions must be made directly from your IRA to NRF. Do not withdraw the funds yourself and pass them on to NRF or your gift will not qualify for the IRA Charitable Rollover and will be included in your taxable income.
  • You can only make outright gifts. The IRA Charitable Rollover cannot be used to fund life income gifts (such as charitable gift annuities or charitable reminder trusts).

What are the advantages of making an IRA Charitable Rollover Gift?

  • You can count your gift towards your annual required minimum distribution.
  • Your distribution is not recognized as income on your federal income tax return. Note: you cannot take a federal income tax charitable deduction for your gift.
  • Under current federal tax laws, keeping your IRA distribution out of your adjusted gross income may save you taxes.
  • The transfer process is quick and requires minimal paperwork.

 

Cautions

Employer-sponsored retirement plans, such as SEP IRAs, SIMPLE IRAs, 401(k)s, and 403(b)s are generally not eligible for the IRA Charitable Rollover. Some states may determine that IRA Charitable Rollover gifts are includable as income for state and local tax purposes.

 

How to Make Your Gift

BY CHECK
Instruct your IRA administrator to mail a check directly to NRF (payable to NRF) to:

Natural Resources Foundation of Wisconsin
Attn: Camille Zanoni, Development Director
PO Box 2317
Madison, WI 53701-2317

Please make sure that your administrator encloses a letter along with your check stating: your name; the purpose of your gift (e.g. Conservation Steward Society); and notes that it is a qualified charitable distribution from your IRA. This information can also be stated in the memo line of your check.

Download a Sample Letter Here

BY CASH WIRE
If your IRA administrator prefers to make a cash wire transfer from your retirement account to NRF, please fill out the wire transfer letter and ask him/her to contact

Camille Zanoni at: Camille.Zanoni@wisconsin.gov or (608-409-3112)

BY SECURITIES TRANSFER

DTC Participant Number: 2663
Agent Internal Account #: 20075-D
Interested Party AC # 1: NRF of WI 882292401

If you are transferring a mutual fund to the Natural Resources Foundation, please contact us at (866) 734-1485 or Info@WisConservation.org so we can secure the appropriate account number specific to your mutual fund from TIAA.

For Questions, Please Contact:

Tim Ringkamp
Institutional Trust Administrator
TIAA, FSB
TIAA Financial Services
211 North Broadway, Ste. 1000
St. Louis, MO 63102-2733
Tel: 314-244-5125
Fax: 314-244-5199
TRingkamp@tiaa.org

The Natural Resources Foundation of Wisconsin does not provide legal or tax advice. Please consult your own legal and tax advisors in connection with gift and planning matters.

Camille Zanoni

Camille Zanoni

Director of Philanthropy

(608) 409-3112
Camille.Zanoni@WisConservation.org

Camille leads the Foundation’s development efforts and helps raise support for Wisconsin’s priority conservation needs through annual, endowed, and planned giving.