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IRA rollover benefits nonprofit, donor

Bob and Judy Wilson have supported Good Neighbors Inc. for years as volunteers and donors. 

In fact, they established the Robert E. and Judy Everett Wilson Fund at Akron Community Foundation in part to fund Good Neighbors while still growing their charitable assets so they can support their favorite causes forever.

In 2013, Bob took advantage of a then limited-time IRS provision to help the organization in a way that was also tax-wise for him. “When I learned that the building Good Neighbors used was shutting its doors because the church that owned the building could no longer support it, I wanted to help,” Bob said. “I was able to transfer a portion of my IRA assets to Good Neighbors’ designated fund at Akron Community Foundation to help them purchase the building.” 

At 73 years old, Bob was required by law to take minimum distributions from his IRA – distributions that he presently does not need for income. Luckily for him, the American Taxpayer Relief Act of 2012 allowed individuals age 70½ or older to transfer up to $100,000 from their IRA to public charities without first counting it as taxable income. On Dec. 18, 2015, this provision was made permanent. And since retirement distributions are some of the most highly taxed forms of income, this is a beneficial opportunity for people like Bob. 

Since Akron Community Foundation is a 501(c)(3) public charity, the Charitable IRA Rollover can be used to donate to current funds at the community foundation or to establish a new fund. While this provision does not allow tax-free transfers to donor-advised funds, it does allow for transfers to agency endowment, designated, scholarship, field-of-interest and unrestricted funds.

For more information, visit www.akroncf.org/IRA. Or, to discuss initiating a tax-free rollover from your IRA, contact Steve Schloenbach at sschloenbach@akroncf.org or 330-436-5621.