Legislation & Regulations

2017 Tax Bill

We are closely monitoring progress of the 2017 Tax Bill, which was passed by the Senate earlier this month, and the House of Representatives in November. We will continue to watch the legislation as it heads into reconciliation in a conference committee.

Proposed changes to tax law will likely have a considerable impact on individual charitable deductions in 2018. Making your contributions by December 31 ensures that you take advantage of current tax laws. Working with a professional advisor is the best way to navigate these changes and plan your giving. As always, we will share additional information related to the bill that may affect your charitable planning this year. Please continue to check back here for more up-to-date information as it’s available.

IRA Charitable Rollover: Permanent Legislation Passed

The Charitable IRA Rollover allows individuals 70½ and older to transfer up to $100,000 from an IRA to public charities without triggering federal income taxes today or estate tax in the future. If married, each spouse is eligible for the tax-free IRA transfer.

An IRA charitable rollover is described as a “qualified charitable distribution,” or money that individuals may direct from their traditional IRA to eligible charitable organizations. Individuals may exclude the amount distributed directly to charity from their gross income.

2017 Charitable IRA Rollover Overview

At the Omaha Community Foundation, we have three ways to turn your IRA into charitable dollars for our community:

1.) A Designated Fund allows you to support the good work of specific nonprofit organizations – a senior center, museum or any qualifying nonprofit charitable organization.

2.) A Field of Interest Fund allows you to focus on causes you care about: arts, education, neighborhood revitalization, youth welfare and more. The Omaha Community Foundation awards grants to community organizations and programs addressing your specific interest area.

3.) The Omaha Community Foundation’s Fund for Omaha addresses a broad range of current and future needs. The Fund for Omaha committee evaluates all aspects of community well-being—arts and culture, community development, education, environment, health and human services—and awards grants to projects and programs.

Please note that the legislation does not allow for funds to be transferred into a Donor Advised Fund, and it does not expressly address whether transfers into a Charitable Checkbook are qualified.

Please contact Matt Darling , Stacey Goodman, or Shannon Sands at (402) 342-3458 if you are interested in learning more about this opportunity.

 

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