In the News

Deadline Nearing for IRA Charitable Contributions

Friday, October 25th, 2019

If you are 70½ years old or older, you can make an impact on your favorite charity by making a gift from your IRA to a fund at the community foundation. This is an easy and effective way to make a gift that helps satisfy your required minimum distribution, while also reducing your taxable income.

  • Who can take advantage of the IRA charitable rollover provision?
    If you have an IRA and are 70½ or older, you and your spouse (each) can take a tax-free charitable distribution from your IRA.
  • Who can receive the gift?
    The IRA must be gifted directly to a public charity. You can make a direct gift to the community foundation to benefit existing funds* or establish a new fund.
  • What is the maximum gift?
    A gift of up to $100,000 per year can be made from your IRAs.
  • What is the deadline?
    Now through December 31.

How to make a charitable gift from your IRA:

  1. Ask your IRA service provider to make a charitable distribution directly to the community foundation.
  2. The community foundation receives your distribution and directs it to benefit your designated cause.
  3. You reduce the taxable value of your estate and current income tax, all while making a difference in your community!

Always consult with your tax advisor for advice on how this may affect your tax situation. Please note that IRA rollover gifts may not be made to donor advised funds.

Questions? Contact Susan Weis, director of finance, at 785-823-1800.

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