But there is now a new way to support Phoenix Children’s Hospital!
Congress finally signed a bill this week which renewed and made permanent the Individual Retirement Account (IRA) Charitable Rollover provision!
The IRA Rollover provision allows donors age 70½ and older to make a gift to charity directly from the qualified IRA plan and exclude that amount from their taxable income, up to $100,000. This was first enacted in 2006 and has been renewed annually each year since, but often approved so late in the year that few people could take advantage of it.
Now Congress has simplified the tax code to make this provision permanent.
This provision is a powerful charitable giving incentive. It will benefit charities across the country, including Phoenix Children’s Hospital. In fact, currently Americans have over $3 trillion in qualified retirement funds. Making just a small percentage of those funds eligible for charitable gifts enables thousands of donors to support the important work of Phoenix Children’s and the kids and families in our community.
Share this good news with your family members who may be eligible. It can save them money on taxes, and it can help Phoenix Children’s Hospital to save children’s lives. Distributions must be made directly to a charity like Phoenix Children’s Hospital. They cannot be made into a gift annuity, or to a private foundation or donor advised fund. Contact me for more information.