Tax Law Change Favoring Charitable Donations
According to an article in the Sacramento Bee Business & Real Estate section dated January 9, 2016, a recent change to the U. S. Tax Code is being seen by Sacramento area nonprofits as a major win for their capacity to raise funds through charitable giving.
The change comes by way of Congress’ passage and President Barack Obama’s signing in December of a provision to make charitable rollovers from individual retirement accounts permanent. The rollover option, under the Protecting Americans from Tax Hikes Act of 2015, permits individuals 70 1/2 years or older to roll over as much as $100,000 from an IRA directly to a qualifying charity or nonprofit.
The timing of the new law may be significant given the mushrooming number of baby boomers reaching retirement age and the 70 1/2 -year old benchmark.
According to the article, the IRA charitable rollovers are tax-free and not included in adjusted gross income. Please consult your tax preparer about your specific situation. The article reports that the rollovers also count toward the required minimum distribution that IRA account owners must take at age 70 1/2 . By designating funds to go directly to charity, individuals can limit their taxable income and avoid consequences for Social Security and Medicare benefits based on income.
The article also reports that the new law does not apply to Roth IRAs, to the rollover of charitable gift annuities or charitable trusts or to donor-advised funds.
For the full article in the Sacramento Bee,
28th Annual Music for Humanity concert
WHAT -- Pioneer United Methodist Church presents the 28th Annual Music for Humanity concert where five outstanding groups of musicians will share their talents:
1) Auburn’s premiere Colla Voce Chamber Singers, directed by Janine Dexter, will perform a sampling of their favorite songs.
2) The Heavy Metal Tuba Quartet will be adding some low notes to the concert with interesting comments about their varied selections by George Preston.
3) Guitarist John Massey will use his unique finger style of performing solo guitar music. He plays with many bands throughout the Sacramento Valley.
4) The Pioneer Chancel Choir will sing a humorous song, appropriate for the season—You won’t want to miss it.
5) Dr. Bach & the Jazz Practitioners will be back this year! His toe tapping music will send everyone marching out with the Saints!
WHEN -- Sunday, Feb. 26, 2017 @ 3:00 PM
WHERE -- Pioneer United Methodist Church, 1338 Lincoln Way, Auburn CA 95603
COST -- The concert is FREE!
BENEFIT -- Ushers will pass a plate for a free-will donation. All proceeds will be split to benefit the Auburn Interfaith Food Closet and The Gathering Inn.
WHO -- Pioneer United Methodist Church is the oldest church in Auburn. It is one the original four founding congregations that opened the Auburn Interfaith Food Closet in 1998.