Making a charitable gift from your IRA remains one of the few unchanged tax laws to date. This is a great way for donors to support their favorite charities and have the gift count against their required minimum distribution without it counting toward taxable income. This way of giving is valuable for donors who do not itemize their tax deductions, as well as high-income earners who lost the full value of their itemized deductions.
Here is how you can make a Charitable IRA Rollover gift:
- You must be 70.5 years or older on the day you make your gift.
- Satisfy any annual required minimum distributions by December 31st, 2026
- The funds must be transferred directly from your IRA to the qualified charity, in this case, ÌÇÐÄ´«Ã½.
- The gift must be outright, since Life Income gifts do not qualify.
- The gift can satisfy an existing pledge or be created as a new gift.
- Donate multiple gifts to charities, such as ÌÇÐÄ´«Ã½, if the total amount does not exceed $111,000 per person each year.
- Another thing to know about Charitable IRA rollovers is that while transfers can be made directly from your IRA, donors may also be able to make qualified transfers from their pension or retirement plans such as a 401k or 403b to an existing or newly created IRA, and make their charitable gift from their IRA account under the above ways you can make an IRA gift
Contact your Financial Advisor to learn more!
Want to Make an Impact Today, please make a secure donation online through our form.