IRA Charitable Rollover News!

President Obama has now signed into law a permanent IRA Charitable Rollover provision. 

The legislation (H.R. 2029, a bill to provide for consolidated appropriations for FY 2016 and to make permanent certain tax provisions) cleared the House  by a vote of 318-109 and the Senate by a vote of 65-33.  President Obama signed the measure into law just a few hours after the Senate vote.  H.R. 2029 includes a number of important tax provisions, several of which would affect charitable giving, but most notably would retroactively reinstate the IRA Charitable Rollover provision originally enacted into law in 2006 for all of 2015 and remove any expiration date on the provision, thereby permanently extending the Rollover into the future.  The legislation does not provide any expansion of the current law IRA Rollover provision, however.

This means donors may take advantage of measured benefits associated with making a charitable contribution to Foundations of MultiCare through their IRA.  Qualifying IRA holders may transfer up to $100,000 free from tax penalties. (Click here for a sample letter to your advisor.)

Good Samaritan Foundation, MultiCare Health Foundation, Mary Bridge Children’s Foundation and South King Health Foundation are poised to receive gifts made through an IRA rollover and are able to use 100% of your contributions toward the program(s) of your choice. Your full gift will go toward those you seek to support!

Because Congress approved the bill, donors 70½ years of age and older will have the benefit of fulfilling current pledges or making new charitable gifts free from incurring the tax burden commonly associated with accessing an IRA.

The passage of this bill is important if:

   • You are interested in a tax-free transfer from your IRA

   • You need to meet the minimum distribution requirement and prefer to be free from tax penalties

   • You’d like to make a gift through the Foundations of MultiCare without using cash on hand

   • You have an existing pledge that you’d like to make a payment toward or pay in full

   • You are at least 70½ years of age

Questions? Frank Colarusso is available at (253) 403-1262 and frank.colarusso@multicare.org to review how the IRA Charitable Rollover can benefit donors.

Want to consult a third-party estate-planning advisor? Click here for a directory of Professional Legacy Advisory Council members familiar with the IRA Charitable Rollover and the programs at Foundations of MultiCare.

Good Samaritan Foundation
253-697-5090

Mailing Address:
PO Box 5296
Tacoma, WA 98415-0296

Building Address:
401 15th Avenue SE
Puyallup, WA 98372

Non-profit 501(c)3
EIN/Tax ID 91-2004312

Mary Bridge Children's Foundation
253-403-1599

Mailing Address:
PO Box 5296
Tacoma, WA 98415-0296

Building Address:
409 South J St
Tacoma, WA 98405

Non-profit 501(c)3
EIN/Tax ID 94-3030039

MultiCare Health Foundation
253-403-1236

Mailing Address:
PO Box 5296
Tacoma, WA 98415-0296

Building Address:
409 South J St
Tacoma, WA 98405

Non-profit 501(c)3
EIN/Tax ID 91-1514257

South King Health Foundation
253-545-2776

Mailing Address:
PO Box 5296
Tacoma, WA 98415-0296

Building Address:
202 N Division St, Plaza One
Auburn, WA 98001

Non-profit 501(c) 3
EIN/Tax ID 46-5636491

Copyright 2017 Foundations of MultiCare
multicare.org | Privacy Policy