The Charitable IRA Rollover provides taxpayers 72 or older (70½ if you turned 70½ in 2019), with a mechanism for transferring their annual Required Minimum Distributions (RMD) up to $100,000 in IRA assets directly to charitable organizations, like TAE, in order to exclude the distributions from their taxable income while simultaneously supporting the charities of their choice, like TAE. This rollover is an attractive option for taxpayers who either do not want or do not need the extra taxable income from their IRA’s required minimum distribution.
How to donate an IRA gift…
- Contact your IRA provider.
- You must be 72 or older (70½ if you turned 70½ in 2019).
- Applies to Traditional IRAs.
- The maximum amount cannot exceed $100,000 per tax year from an individual IRA.
- Distribution must be made payable to a qualifying charity, TAE is a qualifying charity.
- The transfer must be made by December 31st to count against the year’s RMD requirement.
We strongly recommend that you speak with your professional advisor to assist in your IRA decision making.