70½? Think Ahead for Year-end Giving…IRA Charitable Rollover
The IRA Charitable Rollover allows individuals who are age 70½ or older to donate up to $100,000 to charitable organizations directly from their IRA. The distribution which will count toward their yearly Minimum Required Distribution (MRD) and won't be treated as taxable income. To qualify, contributions must be made from a traditional IRA or Roth IRA and go directly to a public charity.
The tax benefits of the IRA Charitable Rollover are available to taxpayers regardless of whether they itemize their returns. This particularly helps older Americans who no longer file itemized federal tax returns. The mandatory distribution from their IRA would otherwise trigger a tax burden, even if they ultimately donate the money to charity. The IRA rollover removes these negative tax consequences and encourages Americans to give back to their communities during their lifetime.
For more information about this or other tax-advantaged ways to give, contact Susanne Kibler-Hacker at 603 224 9945 or at firstname.lastname@example.org.