IRA Charitable Rollover
You may be looking for a way to make a big difference to help further our mission. If you are 70½ or older you may also be interested in a way to lower the income and taxes from your IRA withdrawals. An IRA charitable rollover is a way you can help continue our work and benefit this year.
Benefits of an IRA charitable rollover
- Avoid taxes on transfers of up to $100,000 from your IRA to our organization
- May satisfy your required minimum distribution (RMD) for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the deduction limits on charitable gifts
- Help further the work and mission of our organization
How an IRA charitable rollover gift works
- Contact your IRA plan administrator to make a gift from your IRA to us.
- Your IRA funds will be directly transferred to our organization to help continue our important work.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
- Please contact us if you wish for your gift to be used for a specific purpose.
If you have any questions about an IRA charitable rollover gift, please contact us. We would be happy to assist you and answer any questions you might have.
IRA Rollover Fulfills Charitable Goals
Maggie Tinsman likes to be purposeful in her giving each year. "I'm passionate about the quality of the Quad Cities, and so I want it to be strong," she said. "It's given a lot to me and I want to give back."
Tinsman is already taking advantage of a newly enacted law that makes it easier for individuals 70½ or older to make a gift from their IRA to charity. With the law, Congress made a permanent extension of the IRA charitable rollover, applicable on transfers made in 2015, 2016 and beyond.
Tinsman has set up an endowment through the Community Foundation of the Great River Bend with her 2015 IRA distribution. It is one of several endowments she has set up to support causes she and her family care about.
"I pick a couple of charities and they annually receive a distribution from the endowments," said Tinsman, who is a former Iowa State Senator and gives to a variety of organizations in the community that are focused on the areas of education, health, literacy, women's programs, culture and social services. "I want to contribute to my community because these charities are doing very good work," she said.
An IRA charitable rollover can be made by working with an IRA plan administrator, who directly transfers the funds to the Community Foundation. The gifts do not qualify for an income tax charitable deduction, but they satisfy the required minimum distribution for the year and reduce taxable income. "It's a great way to give," Tinsman said. For Iowa taxpayers such as Tinsman, the IRA charitable rollover qualifies for the Endow Iowa Tax Credit of 25% of the amount transferred to the Community Foundation. The rollover must be placed in an endowment designated to support Iowa charitable causes.
"The Community Foundation is doing important work," Tinsman added, and she hopes others will see the philanthropic opportunities with the new law and the Community Foundation.
"It's very important. The Community Foundation is responding to the community on a regular basis," she said. "They are not just holding an annual fundraiser. They are a wonderful suggestion of how to give and maintain your community."
We can help you do the same thing Maggie is doing. Give our Development Team a call at 563/326-2840 to discuss your options.