IRA Charitable Rollover offers unique way to help MCH

The generosity of our benefactors and friends helps Methodist Children’s Home (MCH) offer hope to those in our care. We are grateful for this support and wanted to make sure you know about a unique way to support the young people at MCH as a result of President Obama signing HR 5771 on Dec. 19. Included in this action are tax extenders that will expire on Dec. 31, 2014, and important tax provisions affecting charitable giving, including the Charitable IRA Rollover, enhanced benefits for conservation easements and contributions of food inventory.

Regarding the Charitable IRA Rollover, a distribution from an IRA may be made directly from the IRA to a qualified charity like MCH. Here are a few quick facts about this unique way to support our children if you, or someone you know, is interested:

• Taxpayer must be at least 70 1/2 years of age;
• Distribution made directly to a qualified charity is not subject to tax nor does it create a tax deduction;
• Distribution may be made until Dec. 31, 2014, and are retroactive to Jan. 1, 2014;
• Qualified charities are registered 501c(3) organizations like MCH;
• Provisions exclude SEPs (Simplified Employee Pension plans) and qualified salary reduction agreements such as 401(k)s, 403(b)s, 357s, etc.
• Distribution must come directly from the IRA; therefore, the benefactor will have to initiate the gift with the IRA custodian.

If you have questions about how this type of gift or other donations could impact the young people in our care, please contact Trey Oakley, Vice President for Development, at toakley@mch.org or (800) 853-1272.