IRA Rollovers – A fresh way to reduce taxes
Reduce Taxes and Increase Impact
The IRA charitable rollover provides several benefits. It allows you to transfer up to $100,000 from your IRA directly to a nonprofit this year. You pay no taxes on the transfer and your gift counts dollar-for-dollar to support our important work. You can also count the gift against your required minimum distribution, which lowers your income and taxes this year.
How it Works
Maggie is 75 and during her career she contributed a portion of her salary each week to her IRA. Maggie’s IRA grew and now she lives off her investment. Each year, she calculates her required minimum distribution and finds it is almost always more than she needs.
This year, Maggie has another option: the IRA charitable rollover. With the IRA rollover, she can ask her IRA custodian to send a gift to help further our mission. When she does, she pays no income taxes on the transfer and the gift reduces her RMD dollar-for-dollar. Maggie’s spouse can do the same. Together, they can reduce their income
(and taxes) by up to $200,000 ($100,000 each).
Roll Over Before the Year Does
To benefit this year, your IRA rollover gift needs to be made before Dec. 31. Call your IRA administrator now or contact us for more information on how to make the IRA rollover work for you.
Act Now To Save on Taxes!
This year, instead of paying more in taxes, use your IRA for a noble purpose. If you are 701⁄2 you can roll over up to $100,000 from your IRA to charity. You won’t be taxed on the transfer and it counts towards your required distribution. Best of all, it’s easy.
Contact us or your IRA administrator to see how you can roll over into tax savings.
Major Gift with Minor Effort
Many people are discovering that they can make a big difference to help further our
mission with an IRA rollover gift. For an added benefit consider designating our organization as a beneficiary of your IRA.
Convert a Burden into a Benefit
If you are 70 1⁄2 or older you are likely familiar with the IRA required minimum distribution (RMD). Each year, the IRS requires you to withdraw a certain amount from
your IRA whether you need the funds or not. And you pay income tax on every distribution you take. For many IRA account holders, the taxes can be a significant and
an undesirable annual burden.
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The names and images shown here are representative of typical donors and may or may not be actual donors to the organization. Under federal rules your benefits may be different from this example. Please contact us for your specific benefits.
This information is not intended as tax, legal or financial advice. Gift results may vary. Consult your personal advisor for information specific to your situation.