IRA Rollover

The IRA Charitable Rollover was first enacted as part of the Pension Protection Act of 2006 and permanently extended in the Protecting Americans from Tax Hikes Act of 2015. Now, you can make a charitable gift directly from your Individual Retirement Account (IRA) every year while excluding the amount of that gift from your adjusted gross income (AGI). (This tax savings is especially valuable to donors who are non-itemizers and donors who have reached their limit on itemized charitable deductions.)

Advantages to you:

  •  You can use an often-overlooked asset to make a gift to Rhode Island Public Radio (dba The Public’s Radio).
  • The IRA Charitable Rollover permits you to make donations directly to charitable organizations such as The Public’s Radio from your IRA without counting the distribution as part of your AGI and, consequently, without paying taxes on it.
  • You can receive a tax benefit regardless of whether you itemize deductions or take the standard deduction on your income tax return.
  • The distribution can count toward your required minimum distribution for the year.

To qualify:

  • You must be 70½ or older.
  • Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible for the tax-free treatment. Distribution must be made directly from the IRA trustee payable to The Public’s Radio or another qualified public charity.
  • Your total combined charitable IRA rollover contributions are limited to $100,000 per year. (Married couples may be able to contribute up to $200,000.)
  • Qualified Charitable Distributions from an IRA must go directly to a public charity that is not a supporting organization. Contributions to donor-advised funds and private foundations generally do not qualify for this special treatment.
  • You cannot receive any goods or services in exchange for your Qualified Charitable Distribution (including thank-you gifts).
  • You must receive an acknowledgement from The Public’s Radio or other charity for each Qualified Charitable Distribution.

 

Gifts of Appreciated Stock

Stock donations to The Public’s Radio are a great way to support nonprofit, local journalism and the other programs you enjoy. If your stock was held for more than 12 months, you’ll receive a two-fold tax savings:

  • You receive a tax deduction based on the full fair market value of your stock on the date of your gift.
  •  You won’t pay capital gains tax on the increase of your stock’s value.

Click here to download a form that includes instructions and more information.


We recommend that you consult your own tax advisor before making any personal financial decisions.