IRA Charitable Rollover
If you are 70 ½ and older, you can use your individual retirement account (IRA) to support your charitable giving through the Community Foundation. This simple, tax-wise tool provides a way to take your required minimum distribution, skip the tax and make meaningful gifts to support the causes you care about.
"Giving directly from our IRA makes it easy to support causes we are passionate about."
- Lois & Louis Fingerman
A Unique Giving Opportunity
- You can multiply your impact by establishing a fund at the Community Foundation to support the causes you care about through your IRA qualified charitable distribution. A designated charitable giving fund can provide support to selected organizations immediately or over time. You can also choose to make an IRA distribution to an existing nonprofit endowment at the Community Foundation.
- We can work together to discuss how your generous gift can further maximize your giving through the Endow Iowa Tax Credit, a 25% state tax credit.
Benefits of Making an IRA Charitable Rollover Gift
- Avoid taxes on transfers of up to $100,000 from your IRA to support causes you care about.
- You may qualify for the Endow Iowa Tax Credit, a 25% state tax credit.
- Satisfy some or all of your required minimum distribution for the year.*
- Reduce your taxable income, even if you do not itemize deductions.
- Make a gift that is not subject to the deduction limits on charitable gifts.*
*The CARES Act impacts this for 2020. Consult your financial and tax advisors for additional details.