California Native Plant Society

How You Can Help CNPS

Individual Retirement Account (IRA) Distribution Rollover


photo credit: Stacey Flowerdew

In October, 2007 Congress renewed a law allowing those over age 70 ½ to transfer IRA retirement plan distributions, to an upper limit of $100,000, tax-free.  Most tax-deferred plans require yearly distributions after age 70 ½, and this allows a retiree to take some or all of that distribution tax-free, thus reducing the tax burden of any remaining income. Contact your tax advisor/broker.  These distributions must be made directly as a rollover from your retirement fund to CNPS to avoid being considered taxable income.

The charitable rollover provision currently expires on December 31, 2014, though it is expected that efforts will be made to extend this win-win option for retirees and nonprofits.

 

 

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