IRA Rollovers

A Tax-Smart Way to Support Maine Public

The IRA Charitable Rollover can provide you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to several levels of taxation if it remained in your taxable estate. Under The Protecting Americans from Tax Hikes Act of 2015 – now with no expiration date – donors over the age of 70½ can distribute up to $100,000 in a calendar year from an IRA to Maine Public or other charities, tax-free. This distribution to charity can be a significant benefit for IRA owners who are required each year to take minimum required distributions, which are included in their gross income for income tax purposes.

Here’s How It Works:

  • You must be age 70½ or older at the time of distribution.
  • Transfers must be made directly from a traditional IRA account by your IRA administrator to Maine Public. Funds that are withdrawn by you and then contributed do not qualify. Gifts from 401k, 403b, SEP, and other plans do not qualify.
  • Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.
  • You may distribute any amount up to $100,000 in a calendar year to charity, as long it is completed by December 31 of the year in which you intend to make the charitable distribution.

Please contact Scott Marchildon at smarchildon@mainepublic.org or 207-330-4510 with any questions you may have. Before proceeding, be sure to check with your financial advisor to determine whether this provision is right for you. This information is not meant as tax or legal advice.

Gifts may be sent to:

Maine Public
1450 Lisbon St.
Lewiston, ME 04240

Maine Public’s federal tax identification number is 22-3171529.