Tax Free IRA Transfers
ALERT: Charitable IRA Rollover legislation now permanent
Under recent federal legislation, taxpayers age 70½ or older can make transfers from their qualifying Individual Retirement Account (IRA) to Boston Children’s Hospital, tax free! (Please review eligibility guidelines below.)
Want to make a tax-free distribution from your IRA to Boston Children’s Hospital? You can! Simply contact your IRA administrator to request that a charitable distribution be transferred to Boston Children's. If your plan requires this request in writing, use our sample letter.
- Avoid federal and, in many cases, state income taxes.
- Satisfy your required minimum distribution.
- Provide critical support for Boston Children’s Hospital.
- Designate your gift to support the program or department that is most meaningful to you.
Guidelines for charitable IRA rollover gifts
- You must be at least 70½ years of age when the gift is made.
- Transfers from traditional IRAs or Roth IRAs are eligible.
- Transfers must be made directly by the IRA administrator to Boston Children's.
- A maximum of $100,000 per taxpayer, per year qualifies for the tax-free status.
- IRA rollover gifts can be used to pay a pledge.
- Contributions for life income gifts, such as charitable gift annuities or charitable remainder trusts, do not qualify.
- Transfers must be made by December 31 to qualify for the current tax year.
Steps to make a Charitable IRA Rollover gift to Boston Children’s Hospital
- Contact your IRA administrator to request that a charitable distribution be transferred to Boston Children’s Hospital or use our sample letter.
- To ensure your gift is properly recognized, instruct your IRA administrator to indicate the donor’s name on the check and specify the gift is a charitable IRA distribution.
- Inform us of the designation of your gift by contacting Laureen Cahalane, Senior Director, Principal and Planned Gifts, at 671-355-8062 or email@example.com.