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Year-End Charitable IRA Rollover can Benefit Donors

December 23, 2015

Exciting news from the end-of-year Season of Hope campaign!

The Protecting Americans Against Tax Hikes (PATH) Act of 2015 has been signed into law. The package makes permanent a number of provisions that have previously gone through a constant cycle where they expired at the end of a given year, only to have Congress extend them for a limited time. One of many provisions made permanent by this bill is the Charitable IRA Rollover.

The Charitable IRA Rollover allows taxpayers to share their blessings by giving of their savings directly to Concordia - and bypassing income tax. More specifically, this provision allows individual taxpayers over the age of 70 1/2 to transfer up to $100,000 of Individual Retirement Account (IRA) assets to a charity, such as Concordia, without triggering federal income taxes today or estate tax in the future. You have until Dec. 31 to take advantage of IRA tax-free giving.

"With the congressional legislation now passed into law by the President, donors are now able take advantage of this flexible and impactful giving vehicle for Concordia’s benefit now and into the future," said Chief Development Officer Scott Koskoski. "Our office is able to assist donors hoping to provide additional support to Concordia’s mission through the IRA rollover."

If you have questions or would like to speak about your IRA assets in furtherance of your charitable goals, and to begin the process in time to meet the Dec. 31 tax year deadline, please contact the Concordia Lutheran Ministries Foundation at 724-352-1571 ext. 8291 or skoskoski@concordialm.org.

For more information on charitable giving opportunities at Concordia, click here to visit the Give A Gift section of our website.

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