Act NOW to Take Advantage of IRA Charitable Rollover

December 23, 2014

Q&A with Alice Parkerson, vice president for development

Q: Why the urgency?

A: The charitable IRA Rollover is back, but the new law will only be in effect for the remainder of 2014.

Q: How does it work?

A: If you are age 70 ½ or older, you can make a tax-free gift totaling up to $100,000 from a traditional IRA account directly to a fund at the Greater New Orleans Foundation.

Q:  May I make a distribution to my donor advised fund?

A:  No, but there are several other way to support the needs of the community through a donor designated, field of interest, or unrestricted fund.

Q: Will you have to pay income tax on money?

A: No, but this opportunity applies only to IRAs and not to other types of retirement plans.

Q: What if my spouse has an IRA account?

A: You can each make gifts up to $100,000.

Q: Can we claim this as a charitable deduction?

A: While you can’t claim a charitable deduction for IRA gifts, this distribution from your IRA counts toward your minimum required distribution for the account and does not trigger income tax for you.

It’s a tax-free transfer from the IRA account directly to the Greater New Orleans Foundation.

Q: How do you complete an IRA Charitable Rollover?

A: Please contact your IRA for exact instructions. They can help fast-track your request. Also, please let us know so that we can be on the lookout for the gift.

For more information on how you can make a tax-free gift through your IRA, please call Alice Parkerson, vice president for development, at (504) 598-1291 or email