THE LAST GREAT TAX BREAK FOR 2019
You may be looking for a way to make a big difference to help further your charity. 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 benefit your charities this year.
BENEFITS OF AN IRA CHARITABLE ROLLOVER
- Avoid taxes on transfers of up to $100,000 from your IRA to your favorite charity
- 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 your favorite charity
HOW AN IRA CHARITABLE ROLLOVER GIFT WORKS
- Contact your IRA plan administrator to make a gift from your IRA to your charity.
- Your IRA funds must be directly transferred to your charity before December 31, 2019
- The IRA charitable rollover gifts do not qualify for a charitable deduction.
- You do not pay income tax on the gift.
- So seniors with IRAs can continue to make gifts to their favorite charities and also take the new standard deduction of $24,400 if they make their charitable deduction directly from their IRAs.