Over 70? You have a new giving advantage!

Updated: Aug 10

The IRA Rollover




Thanks to a smart new law, if you’re at least 70 1⁄2 you have the freedom to make tax-free distributions from your IRA directly to charity. So, if you are taking IRA distributions you don’t need or that force you into a higher tax bracket, you now have a surprisingly easy solution.


This new giving advantage works for transfers up to $100,000.

The new Path Act made the IRA rollover permanent and provides that individuals over 70 1⁄2 can transfer money directly from their IRA account to charity without having to receive it first as income. Because the transfer is directly from your IRA to charity, it is not considered income to you, nor do you receive a tax deduction for the transfer. A transfer from an IRA to charity also counts against the Minimum Required Distribution amount for that year from your IRA.

Click on the links below to download the sample form that you can use to make a request to your IRA custodian to make a gift to charity and the sample form that you can use to inform the charity of your gift


IRA DONOR LETTER TO PLAN

IRA DONOR LETTER TO CHARITY

At Success 2 Significance, our primary goal is to help you put your estate and financial affairs in order with a comprehensive Values Based Planning process.

 

This process will allow you to do what you’ve been called to do in a way that is honoring to God, respectful of your family, and personally rewarding.  

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