IRA for android download1/28/2024 ![]() ![]() You must receive an acknowledgment from WETA or other charity for each rollover contribution. Distributions must be made directly from the IRA trustee payable to WETA or another non-profit before December 31 to qualify for the current tax year. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible. Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs.Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover contributions. Charitable contributions from an IRA must go directly to a public charity such as WETA.In addition, an IRA gift is not subject to the deduction limits on charitable donations. The distribution counts towards your required minimum distribution (RMD) for the current tax year and may help reduce your Adjusted Gross Income (AGI).*Consult a tax professional about your situation.The IRA Charitable Rollover permits individuals age 70 ½ or older to make distributions up to $100,000 from a traditional Individual Retirement Account or ROTH IRA directly to charitable organizations like WETA. You would like additional flexibility for withdrawals, or if you plan to work past age 70Įmployer must contribute for each employee eligible to participate in your SEP, even if they are over age 70 ½Ĭontact a Member Support Representative for More Information You prefer money to grow tax-deferred until you retire You are self-employed or a small business owner If you'd like more details, see IRS Publication 560. You may contribute to an SEP IRA if you are self-employed and have earned compensation. ![]() If you're a small business owner or a self-employed contractor or entrepreneur, a SEP IRA will help you save for your future retirement while enjoying tax benefits today. Simplified Employee Pension IRA (SEP IRA)Ī Simplified Employee Pension IRA (SEP IRA) is the ideal retirement solution for the self-employed. ![]()
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