IRA Charitable Rollover

IRA Charitable Rollover

Did you know…you can satisfy your Required Minimum Distribution (RMD) while saving taxes and supporting local charitable causes that matter. An IRA Charitable Rollover is an excellent opportunity to make a gift during your lifetime from an asset that would normally be subject to multiple levels of taxation if it remained in your taxable estate.

Are you 70.5 or older? Do you have an IRA? Have you thought about how much your distribution will be this year from your IRA and how it will be affecting your income? Consult your financial & tax advisors to see whether an IRA Charitable Rollover is right for you. And then contact your custodian to request a qualified charitable distribution from your IRA.

  • If you are 70.5 or older, you can give up to $100,000 directly from your IRA. A husband and wife can each give up to $100,000 from their own IRA’s.
  • Your rollover gift must be made directly to the Community Foundation from your IRA. So, your IRA administrator can either cut a check payable to the Community Foundation or wire your cash to us. Please contact us for cash wiring instructions.
  • The gift must come directly from a traditional or Roth IRA. You cannot transfer the rollover cash to yourself or to a non-IRA account prior to the gift.
  • You can rollover cash tax-free from another qualified retirement account to an IRA then make a rollover gift to the Community Foundation if you wish and time permits.
  • Be sure to inform us of your gift so that we will know the rollover is from you!
  • The charitable rollover generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions.
  • If you have not taken your RMD for the year, your IRA charitable rollover gift can satisfy all or part of the RMD requirement.
  • If you made a gift of up to $100,000 from your IRA, your gift will qualify under the new law.

 

Additionally, thanks to Lilly Endowment Inc’s GIFT VII Match, every $1 gift made to the Community Impact Fund will be matched with $2, now through December 31, 2020 or until the balance of matching dollars is claimed, whichever comes first. This remarkable opportunity allows you to TRIPLE the impact of your donation!

This means a $5,000 gift to establish a community endowment fund, will be matched with $10,000!! Tripling the impact of your gift! $5,000 becomes $15,000, $20,000 becomes $60,000, and so on and so on. Whew! Where else can you get that kind of immediate return on your investment?

GIFT VII is unique and encourages the growth of Community Impact grantmaking resources that our grants committee uses when they consider the proposals from local charities submitted during our quarterly grant cycles. So, those dollars stay right here in Grant County, Indiana and enable the Community Foundation’s Board of Directors to be nimble in addressing the ever-changing needs and opportunities of our community.

If you are interested, please contact us. We have simple forms already prepared for this type of gift. Call us with any questions at 765-662-0065.

Thank you for your support of the Community Foundation!

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