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Charitable IRA Distribution

The Charitable IRA Rollover allows individuals age 70 ½ and older to make direct transfers to TGH of up to $100,000 per year from individual retirement accounts without having to count the transfers as income for federal tax purposes. Because no tax is incurred on the withdrawal, gifts made to TGH Foundation through a Charitable Gift Distribution do not qualify for a charitable deduction.  However, the amount gifted through a Charitable IRA Distribution may still be counted toward an individual’s minimum required distribution.

Distributions must be made directly to TGH by the administrator or custodian of an IRA. Retirement assets in 401(k), 403(b), SEP, or SIMPLE plans may not be used for this type of gift unless they are first rolled into a new or existing IRA and then transferred to TGH by a qualifying Charitable IRA Rollover. Gifts must be received by TGH or postmarked by December 31st of the year during which the gift is to be made.

Charitable IRA Distribution may not be used to fund life-income gifts such as charitable gift annuities, charitable remainder trusts, or pooled income funds.

Advantages:

  • Your IRA trustee can roll over to an eligible charitable organization up to $100,000 from an individual retirement account (IRA) directly to a qualifying charity without recognizing the assets transferred to the qualifying charity as income.
  •  May help reduce your Federal Taxable Income which can provide additional tax benefits such as:
    • Reducing the amount of itemized deductions that might be limited
    • Reducing Medicare Premiums
    • Reducing your tax bracket

Please consult your tax advisor for your specific situation.

 

A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION FOR TAMPA GENERAL HOSPITAL FOUNDATION, A FLORIDA-BASED NONPROFIT CORPORATION (REGISTRATION NO.CH407), MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL FREE 1-800 HELP-FLA (435-7352) WITHIN THE STATE OR VISIT THE FLORIDA CONSUMER HELP WEBSITE. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE.