Are you over 70 ½ years old?
Do you have a traditional IRA that has a required minimum distribution (or RMD)?
Have you already requested your distribution for 2018?
You have saved and saved, now use your savings to create your legacy.
You have worked hard and saved for retirement and your hard work has paid off. Now use your savings to create your legacy, by making an IRA charitable rollover gift.
For individuals over 70 ½, the US Internal Revenue Service requires you to receive a percentage of your individual retirement account (IRA) each year. For some people, that can push you into the next tax bracket, incurring extra taxes that you weren’t planning for. And that percentage goes up each year!
There is a way to turn this challenge into a tax benefit – it is called the Charitable IRA Rollover. The tax law allows you to designate a nonprofit (or more than one) to receive your RMD directly. Up to $100,000 can be designated this way to charities of your choice. By sending your RMD to the International Community Foundation to benefit the charities you care about, your taxable income is not affected, avoiding additional taxes. And you have directly contributed to a cause you care about!
The International Community Foundation provides tax deductibility for all gifts, including Charitable IRA Rollover gifts.
Contact ICF to take advantage of this simple, time-sensitive giving opportunity at firstname.lastname@example.org or 619-336-2250.