Did you know that the IRA Charitable Rollover benefits donors aged 70.5 and older?

 

The IRA charitable rollover allows taxpayers to make tax-free charitable gifts directly from their Individual Retirement Account (IRA) to eligible charities, including CASA DC. As you plan your required minimum distributions for the year, consider using your IRA account to make the most of your charitable giving. IRA giving is always tax-free, whether you itemize your deductions or take the standard deduction. 

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To Qualify 

You must be age 70.5 or older at the time of the gift.

Transfers must be made by your IRA administrator directly from your traditional IRA account to CASA DC.

Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.

Gifts from a 401k, 403b, or other plans do not qualify. Speak to your financial advisor to see if creating a traditional IRA so you can benefit from the IRA charitable rollover is right for you.

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Benefits of the IRA Rollover

Donate up to $100,000 annually.

Those aged 70.5 and older are subject to required distribution rules. Qualified charitable distributions from IRA accounts count towards your required minimum distribution.

You receive no charitable deduction, but qualified charitable distributions are excluded from your adjusted gross income for federal tax purposes.

Important: Be sure to check with your financial advisor to determine whether this gift plan is right for you. This information is not meant as tax or legal advice.