IRA Rollover Donations

The Protecting Americans from Tax Hikes (PATH) was enacted as law in late 2015 and makes permanent the provision for Qualified Charitable Distributions (QCD’s) from an IRA. This provision allows individuals 70-½ and older to rollover funds directly from their IRA account to the charity of their choice. We have 2 charity options at Regina Caeli Parish:

1. Regina Caeli Parish, a Traditional parish under the Archdiocese of Galveston-Houston
2. The Houston Apostolate of the FSSP

See an explanation of the 2 here: 

Listed below are the basic guidelines of the provision:

1. The donor must be age 70-½ or older at the time of the gift.
2. The charitable donation must be distributed directly from a traditional or Roth IRA to the charity.
3. The original rollover maximum of $100,000 per person in 2015 is indexed for inflation, beginning 2024. The 2024 annual rollover maximum is $105,000.

All IRA rollovers for any given year must be made by December 31 of that year.

Effective January 1, 2023, the age for a required minimum distribution (RMD) from an IRA is 73. If the donor is 73 or older, the donation will count toward the RMD required to be withdrawn and is not counted as income to the donor. This reduces Adjusted Gross Income, which can be a great advantage to the donor!

Please contact the parish office if you have questions or would like to make a rollover contribution. The email address is [email protected].

Please also consult with your tax adviser if you are considering an IRA rollover.