If you are 70 1/2 or older and 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 your Parish, Catholic School, the Diocese of Venice or the Catholic Community Foundation? By rolling over your IRA distribution directly to a qualified charity, it counts towards your RMD and you avoid having to include the distribution as taxable income.
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.