716.684.8400

Special Tax Advantages Now Through Year End

The charitable IRA rollover provision of the Taxpayer Relief Act of 2012 was made permanent by Congress in 2015. This provision allows donors aged 70½ or older to transfer any amount, up to $100,000, from an IRA directly to the Niagara Lutheran Health Foundation. The distribution is tax-free and counts toward your required minimum distribution.

This means that from now through December 31, 2017, donors aged 70½ or older can move up to $100,000 from their IRA accounts directly to an eligible charity, such as the Niagara Lutheran Health Foundation, without having to pay income taxes on the money for this year. The donor does not have to pay income tax on the withdrawal, nor does the donor receive a charitable tax deduction.

To qualify, you must:

  • • Be 70½ or older
  • • Instruct your IRA administrator to transfer your selected dollar amount (up to $100,000) directly to the Niagara Lutheran Health Foundation
  • • Make the gift by December 31, 2017, to qualify as a tax-free charitable IRA rollover for 2017

Transfers to charitable gift annuities or to charitable remainder unitrusts do not qualify.

To initiate an IRA charitable rollover, contact your IRA administrator and direct them to make the contribution directly.  Please also let the Niagara Lutheran Health Foundation know when to expect your gift.

For more information and a sample letter of direction for your IRA administrator, contact the Foundation office at 716-684-0202 or via e-mail at Foundation@NiagaraLutheran.org.  As with any decision involving your financial or estate plans, we urge you to seek the advice of professional counsel when considering a gift to the Niagara Lutheran Health Foundation.

The Niagara Lutheran Health Foundation is a part of the Niagara Lutheran Health System in Lancaster, NY. The GreenFields Continuing Care Community is also a part of the Niagara Lutheran Health System, which provides residential living at GreenField Manor and assisted living at GreenField Court. GreenField Terrace provides memory care and enhanced assisted living. GreenField Health & Rehabilitation Center provides 24-hour skilled nursing care, dementia care, respite care and myriad rehabilitation services.

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716.684.8400

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Lancaster, NY 14086

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