Leaving a legacy of generosity begins with a daily choice to be generous not only with your assets but with your time, talents, gifts, service, and witness. Part of your legacy includes thoughtful consideration and planning of your estate, for your beneficiaries, and knowing what options are available to you. Your legacy can also include leaving gifts not only to your family but lasting gifts that support your church and other ministries or charities.
This year, make a resolution to consider alternative ways to be generous, such as giving through your IRA Rollover.
How IRA Rollover Gifts Work
As the owner of an IRA, once you reach the age of 70 1/2, you are required to withdraw a certain amount per year to reach the Required Minimum Distribution (RMD). Unless part of the IRA is given through a Qualified Charitable Distribution (QCD) to a charity, your IRA balance, whether withdrawn or saved with the intent to give to a beneficiary, is subject to federal income taxes. This type of gift ultimately enables a larger overall donation to further the mission and work of your church or a charity and lessens the taxable funds in your IRA.
Benefits of IRA Rollover Gifts
- Avoid taxes on IRA rollover gifts of up to $100,000
- Reach the RMD for the year
- Reduce taxable income, even when not itemizing deductions
- Make a gift not subject to deduction limits on charitable gifts
- Help further the mission of your church or 501(c)(3) charity
If you are interested in more information about this type of gift or resources on other ways you can give in the new year, please call the Foundation at 334-793-6820 or email us at [email protected]. You can also find more ways to give and giving resources here.
*IRA Rollover gifts do not qualify for charitable distributions. IRA funds cannot be used to fund: donor-advised funds, supporting organizations, private foundations, charitable remainder trusts, lead trusts, pooled income, charitable gift annuities, and tax-deductible gifts.
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