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CHARITABLE IRA ROLLOVER PROVISION – Permanently Extended

Rollovers of Retirement Plan and IRA Distributions

Most pre-retirement payments you receive from a retirement plan or IRA can be “rolled over” by depositing the payment in another retirement plan or IRA within 60 days. You can also have your financial institution or plan directly transfer the payment to another plan or IRA

Why roll over?

When you roll over a retirement plan distribution, you generally don’t pay tax on it until you withdraw it from the new plan. By rolling over, you’re saving for your future and your money continues to grow tax-deferred.

If you don’t roll over your payment, it will be taxable (other than qualified Roth distributions and any amounts already taxed).


Qualifications:

  • Donors who turned 70 ½ years of age or older prior to 2020… or turning 72 or older in 2020 and beyond, and have an Individual Retirement Account (IRA)
  • In order to qualify for the tax-free treatment, the donor cannot claim a charitable income tax deduction for the gift or receive any goods or services in return for the charitable IRA rollover contribution
  • Can contribute up to $100,000 without counting the distributions as taxable income

Guidelines:

  • Check must come directly from the IRA to the charity (Missouri State University Foundation)
    • Designate the organization (for Ozarks Public Television or KSMU)
  • Check should be mailed to:
    • Missouri State University Foundation
           300 S. Jefferson Ave
           Suite 100
           Springfield, MO  65806
  • Missouri State University Foundation Tax ID # 431234200
  • Extension: The Act extends the IRA Charitable Rollover for 2015 and future years.

To participate in the Charitable IRA Rollover program, contact your IRA representative.  Checks must be issued directly from the IRA to the Missouri State University Foundation and should designate the recipient as either KSMU or Ozarks Public Television.

For more information, call Lori Street at 417-836-3506 or visit www.irs.gov/retirement-plans