If you are 72 or older you are likely familiar with the IRA required minimum distribution (RMD). Each year, the IRS requires you to withdraw a certain amount from your IRA whether you need the funds or not. And you pay income tax on every distribution you take. For many IRA account holders, the taxes can be a significant and an undesirable annual burden.
Many are discovering that they can make a big difference to help further our mission with an IRA rollover gift.
The IRA charitable rollover provides several benefits. It allows you to transfer up to $100,000 from your IRA directly to a nonprofit this year. You pay no taxes on the transfer and your gift counts dollar-for-dollar to support our important work. Best yet – you can count the gift against your required minimum distribution, lowering your income and taxes.
This year, instead of paying more in taxes, use your IRA for a noble purpose. If you are 70½ you can roll over up to $100,000 from your IRA to charity. You won’t be taxed on the transfer and it may count towards your required distribution. Best of all, it’s easy. Act now by contacting your investment provider and letting them know you want to send all or part of your distribution to Meals on Wheels OC.
Click here to learn more. We also invite you to connect us by email or by calling (714)229-3373.
This information is not intended as tax, legal or financial advice. Gift results may vary. Consult your personal financial advisor for information specific to your situation.
