Is a Charitable IRA Rollover right for you?

A Charitable IRA Rollover allows donors to direct up to $100,000 from their traditional IRA to charity tax-free. This option is open to donors age 70½ and older who have a traditional IRA, and it counts toward your Required Minimum Distribution, the amount a person over that age must withdraw each year. Traditional IRA funds are not subject to income tax when given directly to charity.

This strategy may be right for you if:

• You are 70½ or older.
• You want to make a qualified charitable gift from your traditional IRA to reduce the value of future distributions you will be required to take.
• You wish to make an impactful gift to benefit the community.
• You already contribute to charity at your deduction limit and want to donate more.
• You wish to remove up to $100,000 from your taxable estate.

A Charitable IRA Rollover may not be directed to a donor-advised fund. However, there are several ways to give through the Community Foundation, including giving to a scholarship fund, designated fund, field of interest fund, impact area or as a direct gift to the Community Foundation to support its leadership activities in metro Atlanta.

While many people consider this option when they are thinking about year-end tax planning, the donation can be made at any time during the year. We have more details that can help you determine if this is a good option for you on our website here.

If you have questions about how you might use a Charitable IRA Rollover, please contact Christy Eckoff at 404.588.3183 or ceckoff@cfgreateratlanta.org.