IRA Charitable Rollover

 

Support the work on our stages and beyond by contributing a portion of your individual retirement account before Dec. 31, 2011 and avoid having those funds counted as part of your adjusted gross income.

The IRA Rollover was first enacted in 2006 as part of the Pension Protection Act, and has since been extended by congress through December 31, 2011.  The provision allows individuals age 70½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) to public charities without having to count the distributions as taxable income.

Donating retirement plans to charity can be an excellent choice for many donors, as retirement assets can be subject to multiple levels of taxation. IRA Charitable Rollover Gifts can be made in support of the Shakespeare Theatre’s annual fund which supports general operating costs, towards capital expenses or in support of the Theatre’s endowment. If you are interested in making an IRA

Charitable Rollover Gift, please make a note of the following requirements:

  • Donors must be 70 ½ years of age or older.
  • A donor’s total combined charitable IRA rollover contributions cannot exceed $100,000 in any one year. 
  • Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs.
  • Distributions must be made directly from the IRA trustee payable to the public charity.

 

To further discuss the possibility of making an IRA Charitable Rollover gift to The Shakespeare Theatre of NJ, please contact Heidi Speckhart, Director of Development at 973-845-6729 or via email at hspeckhart@shakespearenj.org.

 

 

The Shakespeare Theatre of New Jersey cannot provide legal or tax advisory services for its donors. Please see your financial and legal advisors before making a planned gift. All planned gift inquiries are confidential, with no obligation assumed or expected.