Are you 70½ or older and looking for a way to make a meaningful impact with your retirement assets? An IRA charitable rollover gift allows you to support your favorite charities directly from your IRA while enjoying tax benefits.
IRA Rollover Gift
Make a Difference with an IRA Charitable Rollover Gift
Make an IRA charitable rollover gift
Here are the basic rules you need to know
- You must be at least 70½ years old.
- The gift must go directly from your IRA to an eligible charity.
- You can give up to $100,000 in total to all charities in a year.
- The gift must be outright, with no benefits received in return, so no gift annuities, charitable remainder trusts, or pooled income funds.
- Gifts cannot go to donor-advised funds, supporting organizations, or private foundations.
- The gift isn’t included in your taxable income, and you don’t get a charitable deduction.
- Only IRAs are eligible; you can’t use 401(k), 403(b), or 457 plans.
An IRA charitable rollover might be right for you if:
- Your IRA is your largest asset and you want to make a charitable gift.
- You have to take a minimum distribution from your IRA but don’t need the extra income.
- You don’t itemize deductions; the rollover won’t increase your taxable income.
- You live in a state that taxes retirement plan distributions but doesn’t allow itemized charitable deductions.
- You want to give more to charity but have reached the annual deduction limit of 50% of your adjusted gross income.
- You have a pledge to a charity; the rollover can satisfy this without breaking self-dealing rules.
To make a gift, contact your IRA administrator to transfer the funds to your chosen charity. Reach out to us for help with any questions and instructions on completing your gift. 818-882-6400 ext 363 or rbrown@ranchosanantonio.org.