If you are of the age that you have to take a required minimum distribution (RMD) from your IRA, did you know that you can transfer up to $100,000 each year directly to a qualified charity like the Catholic Community Foundation, your Catholic Parish, School or other Catholic Program or Ministry?  By rolling over your IRA distribution directly to a qualified charity, it qualifies as your RMD and you avoid having to include the distribution as taxable income.  Prior to 2020, individuals were required to take RMDs beginning in the year in which they turned 70½.  Beginning in 2020, however, the new age at which RMDs must start is 72.  Despite the delay in the starting age for RMDs, individuals can still make Qualified Charitable Distributions (QCDs) from their IRAs as early as age 70½.

Benefits of Using an IRA Charitable Rollover

  • Entitles you to tax benefits without requiring you to itemize your deductions
  • The distribution counts towards your required minimum distribution
  • The distribution is not included in the income on which your federal income taxes will be based (thus reducing your taxable income)
  • Because the distribution is tax free, you can increase your giving without costing you one additional penny

*The Catholic Community Foundation of Southwest Florida does not provide legal, tax or financial advice.  When considering gifting options, seek the advice of your own legal, tax and/or financial professionals.

IRA Charitable Rollover Fact Sheet
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