Year-end finances simplified: Tax-smart IRA gifts
Reviewing year-end finances can be hard, but here’s something easy: A tax-free gift from individual retirement account (IRA) assets.
Under legislation passed in 2015, people age 70½ or older can now make a tax-free gift from an individual retirement account. This is called a Qualified Charitable Distribution (QCD).
How It Works
- The transfer does not generate taxable income, so you benefit even if you do not itemize your tax
deductions.
- If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover is a great way to do that.
- You may transfer up to $100,000 directly from your IRA to a qualified charitable organization.
Make an Impact Today
This special type of IRA gift needs to be made by Dec. 31, 2016, to qualify this year. A gift in any amount helps us continue to share God’s love for years to come and help sustain our Christian ministry for future generations. By making a gift this year, you can make an immediate impact for
the people we serve and put the wheels in motion for creating your philanthropic legacy.
Download a sample letter to mail or email your IRA administrator to make a tax-free gift from an IRA.
We Can Help
Have questions? Contact us at (952) 873-4744 or email info@tlha.org to learn more about this tax-smart way to make an impact today.
The contents of this page should not be considered legal or financial advice. Please consult with your own tax advisor before making IRA charitable rollover decisions.