Might This Tax Savings Be For You?
IRA Charitable Rollover
The IRA Charitable Rollover, signed into permanent law in 2015, gives taxpayers the opportunity to make charitable gifts to Most Sacred Heart Parish from their IRAs.
How does it work?
At the age of 70.5, those with traditional IRAs must begin taking required minimum distributions (RMDs) from their IRAs whether or not they want them. These distributions are taxed as ordinary income and increase the recipient’s adjusted gross income. The IRA Charitable Rollover allows individuals who do not need their RMDs to gift all or a portion of them directly to charity (up to $100,000 annually), thus avoiding the need to recognize the money as income.
Who is eligible?
Individuals aged 70.5 or older with traditional IRAs.
How do I use the IRA Charitable Rollover to support Most Sacred Heart Parish?
To save on taxes and support Most Sacred Heart Parish with an IRA Charitable Rollover, submit a distribution request to your IRA custodian, asking that the money be transferred directly to Most Sacred Heart Parish. You can also ask your finance manager to send you a check book for your retirement account. You will then be able to write quarterly checks to Most Sacred Heart from your retirement account, making life simpler for you, while reducing your tax burden.