A high impact tax-break for your donation

If you are 70 1/2 years of age or older and wish to make a donation to El Cerrito Library Foundation, you may be eligible to get a high-impact tax break. Federal legislation has made the IRA charitable rollover permanent. Consider making an IRA rollover gift this year to ECLF.

The benefits: 

  • Each dollar that you roll over to the Library Foundation from your IRA reduces by one dollar amount of your required minimum distribution that is taxable.
  • The transfer is not subject to limitations on itemized deductions.
  • If your estate will be taxable, donating money to the Library Foundation will reduce the amount of tax owed by your estate.
  • Support our community library and preserve it for generations to come!

To qualify: 

  • You must be 70 1/2 years old or older by year-end.
  • The rollover distribution must be paid directly to the El Cerrito Library Foundation from your IRS plan trustee.
  • The maximum contribution amount in 2016 is $100,000 ($200,000 per couple).
  • Your transfer must be executed by the last day of the year, December 31st.

It’s that easy! If you have questions or need help setting up your Charitable IRA Rollover, please get in touch with ECLF at info@eclibraryfoundation.org. By notifying us of your intentions will allow us to provide the proper tax acknowledgement required by IRS.

Adapted from “Create Your Legacy” by Save The Redwoods.