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We are pleased to inform you that the Protecting Americans from Tax Hikes Act of 2015 legislation has passed, which has made the IRA Charitable Rollover provision a permanent part of the tax code.
The legislation was part of a $650 billion dollar tax bill that included a number of important tax provisions, several of which affect charitable giving. Most notably, the legislation retroactively reinstates the IRA Charitable Rollover provision for all of 2015 and removes any expiration date on the provision, thereby permanently extending the rollover into the future.
Individuals age 70½ and older can make direct transfers from traditional and Roth IRAs to qualified charities in amounts up to $100,000 free from federal taxation and income taxes under the laws of states that follow federal guidelines for determination of Adjusted Gross Income (AGI). The extension is now both permanent and retroactive, and applies to all gifts completed after January 1, 2015.
Individuals who have been waiting to take required minimum distributions from IRAs may now wish to make direct tax-free transfers to Father Lopez Catholic High School. The tax advantages are dependent on your own personal financial circumstances, so you should always check with your tax advisor. If you are at all inclined to support Father Lopez, we can assure you that every gift we receive will be greatly appreciated.
As you consider your end-of-year tax planning and charitable giving, we hope you will opt to take advantage of this significant opportunity to offer your support.
The Lopez Fund
Father Lopez Catholic High School
3918 LPGA Boulevard
Daytona Beach, FL 32124
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