IRA Charitable Rollover – an immediate giving option

NOTE: Through the CARES Act a Qualified Charitable Distribution (QCD) can be made after age 73 even if you're not yet subject to a Required Minimum Distribition (RMD).

Congress has authorized a tax provision which allows those who are 73 or older, to make a direct gift from you IRA to any qualifying charity federal tax free. This includes a gift to the Diocese of Sioux City, your parish, a Catholic school, institution or ministry, or any 501(c)3 charity without paying federal income tax on the distribution.



What are the requirements:

• You must be 73years old or older.
• You may transfer up to $100,000 directly from your IRA to the charitable organization.
• The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions.
• If you have not yet taken your RMD (Required Minimum Distribution) for the year, your IRA charitable rollover can satisfy all or part of the requirement.
• Contact your certified financial planner or tax preparer for additional questions or to begin the IRA transfer process.

Information contained here is not professional or legal advice. Consult a tax advisor about your individual tax situation.