Tax-free giving through IRAs

Seniors -and nonprofits- now have another reason to celebrate retirement. A new law allows people 70-and-a-half and older to make tax-free charitable gifts directly from their Individual Retirement Accounts.

IRA charitable gift rollovers can be made retroactively from January 1, 2016 through January 31, 2016 for 2016 tax purposes. For 2017 tax purposes, an additional $100,000 may be contributed between January 1 and December 31, 2017. Donors should consult their financial advisors and IRA administrator for guidelines and information.

For more information, or if you have questions, please contact Jon Pritchett at 919-828-3876 or [email protected]

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About John Locke Foundation

We are North Carolina’s Most Trusted and Influential Source of Common Sense. The John Locke Foundation was created in 1990 as an independent, nonprofit think tank that would work “for truth, for freedom, and for the future of North Carolina.” The Foundation is named for John Locke (1632-1704), an English philosopher whose writings inspired Thomas Jefferson and the other Founders.

The John Locke Foundation is a 501(c)(3) research institute and is funded solely from voluntary contributions from individuals, corporations, and charitable foundations.