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IRA Charitable Rollover Reinstated

Donors age 70½ or older are once again eligible to contribute up to $100,000 directly from their IRAs to qualified charities, such as the Alley Theatre, without having to pay income taxes on the distribution per the American Taxpayer Relief Act of 2012 which was signed into law on January 1, 2013.

If you are planning a gift this year from your IRA, keep these points in mind: 

  • You must have reached age 70 ½ by the date of the gift.
  • Distributions may be made only to public charities such as the Alley Theatre, not donor advised funds or private foundations.
  • Distributions must be made directly from the IRA custodian to the Alley Theatre. If you receive a check personally and then write a check to the Alley Theatre, you will owe tax on the distribution.  
  • Although no charitable deduction is available, the income tax that would be owed on a distribution is avoided.  This is particularly beneficial for donors who do not itemize their Federal tax returns.  
  • The tax law allows you to include your tax-free charitable donation as part of your required minimum distribution (RMD) for that year. 
  • The gift must be made by December 31, 2013.

For more information, please contact Mary Kay Wittrock, Director of Planned Giving, at 713.315.3378 or marykayw@alleytheatre.org. The Alley strongly recommends that you consult your IRA provider or personal advisors before making such a gift.  

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