• Important Tax-Free Giving Opportunity

    President Obama just signed legislation to extend the IRA Charitable Rollover provision. If you are at least 70 ½ years of age, have your funds transferred today to make this special tax-free contribution. You must act by December 31, 2014.

    Transfers are subject to the following criteria:

    1. You must be at least 70 ½ years of age
    2. The contribution must come directly from your IRA administrator to Royal Oak (Royal Oak can provide a form letter of instruction for your use. Download a sample here)
    3. The contribution must be from an IRA or Roth IRA, not other retirement plans
    4. The total amount you choose to transfer to a qualifying charity cannot exceed $100,000
    5. The funds transferred will not be includable in your taxable income but can be considered to satisfy the minimum distribution you are required to withdraw each year from your IRA

    There is only a brief period of time that you can take advantage of the legislation.  Have your funds transferred today to make this special tax-free contribution.

    Donors best suited for utilizing the IRA Charitable Rollover provision include the following:

    • Those who do not itemize their deductions
    • Those already giving at their deduction limit
    • Those who wish to remove assets (up to $100,000) from their estates
    • Those whose distribution from their IRA will increase their income to a level that increases taxes and/or phases out deductions

    Consult with your personal financial and tax adviser to be sure this is right for you. Sample letters are available in Microsoft Word and PDF form.

    Please contact Sean Sawyer at 212-564-2807 or ssawyer@royal-oak.org for more information.

    We appreciate your consideration of providing financial support to Royal Oak!