IRA Contributions

The IRA Charitable Rollover allows individuals 70½ or older to donate up to $100,000 tax-free from their IRA to the Manchester Essex Education Fund (The Fund).

To take advantage of this opportunity in 2017 and beyond:

– You must be age 70½ or older on the day of the gift.

– You can transfer up to $100,000 directly from your IRA to one or more qualified charities. This opportunity applies to traditional IRAs or Roth IRAs only and not to other types of retirement plans.

– You pay no income tax on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions.

– The gift can satisfy all or part of the required minimum distribution for the year.

– If you already made a gift of up to $100,000 directly from an IRA in 2017, the gift will qualify under law.

How to make a gift:

Your IRA assets, up to $100,000, must be transferred directly to The Fund. To do this, contact your IRA plan administrator who must transfer funds directly to The Fund. Please contact Linda Pata, Trust Officer, at Cape Ann Savings Trust & Financial Services, 978-283-7079, to help facilitate the transfer.

Be sure to check with your financial or tax adviser to confirm your eligibility to take advantage of this tax-free opportunity. Thank you for your support!