Give More, Save More This Year

cpr-ira-charitable-rollover-web-announcementAre you or someone you know age 70 ½ or older?

Learn how to make a tax-free gift up to $100,000 from your IRA to Permian Basin Area Foundation to support your favorite charitable cause.

Who Qualifies?
Individuals age 70 ½ and older may transfer up to $100,000 per year from an IRA to charity, tax free.

Benefits of IRA Rollover Gifts:

  • By using pre-tax IRA assets, your charitable gift costs you less.
  • The IRA Charitable Rollover is not subject to income taxes.
  • The amount of your IRA Charitable Rollover can be used to meet your annual required minimum distribution, lowering your taxable income for the year.

IRA Charitable Rollover Giving Options
Gifts may be used to create a new charitable fund or to support an existing fund among:

Scholarship & Award Funds
Permian Basin Area Foundation administers more than 80 permanent scholarship endowments, annually awarding over half a million dollars to over 250 students to help further their education.

Charitable Organization Endowments
More than 70 charities serving our community have permanent funds at the Permian Basin Area Foundation. These funds provide an annual source of income to the organization, helping carry on its important work for years to come.

Charitable Fields of Interest
At the time the IRA Charitable Rollover gift is made, you must designate a charitable interest area or charitable organization(s) as the beneficiary of the gift.

**IRA Charitable Rollovers may not be used to support donor advised funds.

Who Should Consider an IRA Charitable Rollover?

  • Individuals age 70 ½ and older who have more money in their IRA than needed for daily living expenses and long-term care.
  • Spouses who both have IRA accounts and don’t need the income to support daily living expenses. Each spouse can transfer up to $100,000, tax free from their IRA.
  • Generous donors who may give more to charity then they can deduct in a tax year because IRA Charitable Rollovers are exempt from federal income taxes.
  • Donors who regularly give a portion of their income to charity and do not itemize deductions.
  • Individuals who wish to remove up to $100,000 from their taxable estate.

Your Next Steps:

  • Contact your professional advisor to determine if the IRA Charitable Rollover is a good option for you.
  • Download a sample request letter to complete and send to your IRA Plan Administrator.
  • Notify the Permian Basin Area Foundation of your gift by completing and returning this sample letter.

To learn how we can help you with an IRA Charitable Rollover gift, contact Guy McCrary or Aaron Bedell at 432.617.3213.