The Senate just passed HR 5771 and President Obama signed the Tax Increase Prevention Act of 2014, which includes an extension through December 31, 2014 of the IRA Charitable Rollover.
Tia and Ken Scigulinsky have been long-time supporters of Rhode Island PBS and today we’d like take this opportunity to describe the vehicle by which they have made their charitable contributions to Rhode Island PBS, in hopes their story will benefit you as well.
|Ken and Tia Scigulinsky|
- The donor must be 70 1/2 or older.
- The gift must be made directly from the IRA to an eligible charitable organization by December 31, 2014.
- Gifts to all charities combined cannot exceed a total of $100,000 per taxpayer for the year.
- The gifts must be outright, and no material benefits can be received in return for the gifts.
- The gift is not included in taxable income, and no charitable deduction is allowed.
- The gift can only be made from an IRA. Gifts from a 401(k), 403(b), and 457 plans must be rolled into an IRA first, then the gift can be made from the IRA.
- You can make a gift that costs nothing during your lifetime, by including Rhode Island PBS in your will.
- You can give stock to Rhode Island PBS and avoid paying capital gains tax.
CLICK HERE for the sample letter