IRA Rollover

The IRA Charitable Rollover provision allows individuals who have reached age 70½ to donate up to $100,000 to charitable organizations directly from their Individual Retirement Account (IRA), without treating the distribution as taxable income. To qualify, the funds must be transferred directly by the IRA trustee to the eligible charity. Distributed amounts may be excluded from the IRA owner’s income – resulting in lower taxable income for the IRA owner. However, if the IRA owner excludes the distribution from income, no deduction, such as a charitable contribution deduction on Schedule A, may be taken for the distributed amount.

To make PFL a recipient of your IRA Charitable Rollover, print and complete the form below and return to your IRA.

If you have any questions or concerns regarding your IRA Charitable Rollover to the Patten Free Library’s Development Office at 443-5141 x.19 or at slricker@patten.lib.me.us

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