Gifts From Your IRA
Individuals age 70 ½ and older can donate up to $100,000 directly to charitable nonprofits from their individual retirement accounts (IRAs) without it being treated as taxable income. One essential detail — your plan administrator must issue the check directly to the charity.
Studies show that gifting funds directly from your IRA is one of the most tax beneficial means of charitable giving. While this donation cannot be claimed as a charitable deduction, donors could realize other benefits by reducing their taxable income in this way.
Consult your plan administrator or your tax advisors for more information about this provision and specific tax advice. Questions? Contact us at email@example.com.