The IRA Charitable Rollover permits individuals age 70 ½ or older to make distributions up to $100,000 from a traditional Individual Retirement Account or ROTH IRA directly to charitable organizations like WETA.
- The distribution counts towards your required minimum distribution (RMD) for the current tax year and may help reduce your Adjusted Gross Income (AGI). In addition, an IRA gift is not subject to the deduction limits on charitable donations.
- Charitable contributions from an IRA must go directly to a public charity such as WETA. Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover contributions.
- Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible. Distributions must be made directly from the IRA trustee payable to WETA or another non-profit before December 31 to qualify for the current tax year. You must receive an acknowledgment from WETA or other charity for each rollover contribution.
- The IRS does not allow for any goods or services to be transferred to you in exchange for a contribution from your IRA; however, your WETA membership will be continued.
What your plan administrator will need:
- Legal name: Greater Washington Educational Telecommunications Assoc., Inc. (WETA)
- Federal Tax ID# (EIN): 53-0242992
- Mailing address: WETA (Attn: D. Eliason), 3939 Campbell Ave, Arlington, VA 22206
We recommend that you seek advice from your financial advisor or tax professional prior to making a charitable rollover as personal circumstances can have a significant impact on whether charitable rollovers are advantageous.
We are happy to provide you with a sample transfer request letter to your plan administrator. If you have questions, please contact us.