IRA Charitable Gift
Tax-Free Qualified Charitable Distributions (QCDs): Now Permanent!
The Protecting Americans from Tax Hikes Act of 2015, signed into law on December 18, 2015, makes a special incentive to direct gifts to qualified charities like the Peconic Land Trust PERMANENT.
If you are 70½ years of age or older, you can make tax-free gifts – or QCDs - from your IRA to the Trust. Direct transfers to Peconic Land Trust made in 2015 before the act was signed into law may be counted as a QCD, please confirm with your advisors.
As with previous IRA charitable rollover legislation, contributions need to be made directly from your traditional or Roth IRA account to the Trust. The transferred amount counts toward your required minimum distribution that year and is excluded from your taxable income. You may direct gifts from your IRA to one or more qualified charities in any amount up to a total of $100,000 per person per year. If your IRA distribution is deposited into your personal checking or savings account, then you may not make an IRA charitable rollover gift with those funds.
To make an IRA charitable rollover gift, simply contact your IRA administrator and request a direct distribution to:
Peconic Land Trust
Attn: Rebecca Chapman
P.O. Box 1776, Southampton, NY 11969
As these gifts often arrive without identification, please contact Rebecca Chapman at 631.283.3195 or RChapman@PeconicLandTrust.org with the name of your IRA administrator, amount of your distribution and approximate timing of your gift. Knowing your distribution is on its way will ensure that Peconic Land Trust can thank you appropriately and provide you with the necessary documentation for your records.