Practical Philanthropy

 

Information and Resources for Donors and Professional Advisors

Make a Gift From Your IRA to Maximize Tax Savings

There’s good news for individuals aged 70½ and older, who now have the opportunity to donate up to a total of $100,000 ($200,000 for married couples) to one or more public charities directly from their Individual Retirement Accounts (IRA) free from federal income tax.

In 2021, amounts donated directly to charity from an IRA will count toward your required minimum distribution.

The charitable distribution is not taxable income to the IRA owner. This means the tax benefit from an IRA charitable distribution can be realized, regardless of whether you take the standard deduction or itemize your deductions.

Even better, all funds (other than donor advised funds) of the Community Foundation are eligible to receive IRA charitable rollovers.

Please contact Randy Ross, vice president of philanthropic services, for details on how to manage the process simply and efficiently and achieve the maximum impact for your charitable dollars and all applicable tax advantages.

Contact Randy Ross