Gifts from your IRA

Take advantage of the renewed charitable IRA legislation and make a tax-free gift from your IRA! If you are required to receive minimum distributions from your IRA and you do not need the money for personal use, consider using those funds as a charitable gift. You may contribute funds this way if:

• You are 70½ or older
• Your IRA gifts total $100,000 or less each year
• You transfer funds directly from an IRA
• You transfer the gifts outright to one or more public charities (This excludes gifts made to charitable trusts, donor advised funds and supporting organizations.)

While you cannot claim a charitable deduction for the IRA gifts, you will not pay income tax on the amount.  In most cases, the transfer counts toward your minimum required distributions. The gift generates neither taxable income nor a tax deduction, so even those who do not itemize their tax returns receive the benefit.

You may transfer up to $100,000 directly from your IRA. The distributions may be in addition to or fulfill any charitable giving you have already planned.

Be sure to contact tax professionals and your IRA administrator if you are considering a gift under this law. Qualifying gifts require that donors cannot receive benefits or perks in exchange for their gifts. Feel free to call Ted Rodgers at 866.599.1229 or 630.580.5628 for more information.

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