IRA Charitable Rollover
If you are 70½ years or older, there is a simple way for you to support the mission of All Saints Church while receiving tax benefits in return. You can give a tax-free gift of up to $100,000 per year from your IRA directly to All Saints Church without paying income taxes on the money. And if your spouse has a separate IRA, s/he can also give a rollover gift of up to $100,000 per year.
Your IRA charitable rollover gift can fulfill your annual pledge to All Saints, and since you can give up to $100,000 from your IRA, you might be able to give far beyond your annual pledge!
Benefits of an IRA charitable rollover gift:
- Your gift can satisfy all or part of your required minimum distribution (RMD) from your IRA.
- You pay no income taxes on the gift since it is a direct transfer from your IRA to All Saints.
- Since the gift is outside your taxable income it doesn’t generate a tax deduction, so you benefit even if you do not itemize your deductions.
- Your gift will have a strong impact on the mission of All Saints Church today!
How much can I give as an IRA charitable rollover? Each person can give up to $100,000. If you have a spouse who is 70½ s/he can also give up to $100,000. That means you and your spouse could give All Saints up to $200,000 this year and every year!
Do I have to be exactly 70½ years old? Yes. The law requires that you reach age 70½ by the date of your gift.
Can I use funds from other retirement accounts? Your gift must be a direct rollover from your IRA to All Saints. You might be able to roll other assets from your 401(k), 403(b), pension or profit sharing into your IRA, and then transfer from the IRA to All Saints. Check with your IRA administrator for further details.
I named All Saints as the beneficiary of my IRA. Can I give a charitable rollover from it now? Yes! You can take advantage of the tax benefits of an IRA charitable rollover gift now, and also sustain the long-term mission of All Saints by naming us as the beneficiary of your IRA (thank you!).
Can I support multiple charities with an IRA rollover? Yes. Each person can give up to $100,000 per year as an IRA charitable rollover. You could, for example, give two organizations $50,000 each (or any other combination that totals $100,000 or less).
For more information about IRA charitable rollover gifts, contact Jim Loduha, Senior Director for Development and Giving, at 626.583.2736 or JLoduha@allsaints-pas.org.