IRA Gifts

For where your treasure is, there also where your heart will be…much will be required of the person entrusted with much. -Luke 12, 32-48

The IRA charitable rollover allows taxpayers aged 70½ or older to donate up to $100,000 from their individual retirement accounts (IRAs) directly to charitable nonprofits. Your gift can make a real impact on your parish, the diocese or a ministry.

What you need to know

  • What You Can Give. Contributions from traditional IRAs.
  • Age Requirement. You must be 70 1/2 years old or older when the distribution is made.
  • Directly to the Charity. Distributions must be made directly from your IRA account to charity, use our Request Form.
  • Professional Advice. Please consult with your tax or legal professional.

Who can benefit  

  • Individuals who take required minimum withdrawals and want to avoid paying tax on the distribution. Give your Required Minimum Distribution (RMD) directly to a qualified charity without having to report it as taxable income. Contact your IRA administrator to learn the amount of your RMD.
  • Taxpayers who don’t itemize their deductions. An IRA charitable transfer most benefits the nearly two-thirds of Americans who do not itemize deductions on their tax returns and therefore do not receive a tax benefit for giving to charity.
  • Itemizing taxpayers who’ve reached the charitable giving limit. Donors who itemize their taxes are prohibited from deducting more than 50 percent of their adjusted gross income as charitable donations. Donations from an IRA are excluded from this percentage limit, allowing individuals who have reached the 50 percent threshold to give more.

To learn more, please contact Laura Gray at 816-714-2363 or gray@diocesekcsj.org. We are happy to answer your specific questions.

IRA Qualified Charitable Distribution Form

©2017 Diocese of Kansas City–St. Joseph

X
- Enter Your Location -
- or -