Congress recently extended the IRA Charitable Rollover provision for 2014.
The IRA Charitable Rollover allows individuals over age 70½ to directly transfer up to $100,000 per year from an IRA account to one or more charities. This transfer counts toward the minimum required distribution rule for IRA accounts, and such distributions are free of both income and estate taxes.
If you are considering making a gift from your IRA for 2014, contact your plan administrator to see if an IRA Charitable Rollover is right for you. To complete the transaction you will need the WMPL Minnesota Tax ID number which is 41-0786986.
Many of these gifts arrive from the broker without any mention of the donor’s name so if you make a gift this fashion please give us a heads up at 1.612.871.6843 or business@wmpl.org as this will allow us to receipt the gift in the best possible way.
On behalf of all of us at WMPL, we wish you a Happy Christmas and a Blessed New Year.
Jeff Dahl, Business Manager