In 2015, Congress enacted a permanent extension of the IRA charitable rollover. As a result, individuals age 70½ or older can make gifts directly from their IRA to charity in 2016 and beyond.
next steps
Please direct your IRA plan administrator to make a gift to the Pasadena Community Foundation (PCF), a 501c3 public charity, Tax ID # 20-0253310.
Indicate if the gift is for general support or for a specific fund at the Foundation.
Checks should be mailed to:
Pasadena Community Foundation
301 E. Colorado Blvd.
Suite 810
Pasadena, CA. 91101
Benefits of an ira charitable rollover
Avoid taxes on transfers of up to $100,000 per person from your IRA to the Pasadena Community Foundation
Satisfy your required minimum distribution (RMD) for the year
Reduce your taxable income to potentially save on taxes (consult your tax advisor)
Help further the work and mission of the Pasadena Community Foundation
how an ira charitable rollover gift works
Contact your IRA plan administrator to make a gift from your IRA to the Pasadena Community Foundation — you may designate a qualified fund at the Pasadena Community Foundation to receive the gift.(Please note that the IRS does not allow IRA gifts to be directed to Donor Advised Funds).
Your IRA funds will be directly transferred to PCF to help continue our important work.
Please note that IRA charitable rollover gifts do not qualify for a charitable deduction, but the distribution is not included as income.
Charitable rollovers can be made from Roth IRAs. However, when the distributions are tax free, it is better to take the distribution and then make a donation to obtain the tax deduction.
401k, 403b, and pension plans are not eligible for the charitable rollover.
