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

Giving from one’s IRA Account is one of the smartest ways to make a real impact for your parish, the diocese, or favorite ministry! In late 2015, Congress made this method permanent.

What You Need to Know About Charitable IRA Giving

  • 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 Benefits from This Type of Giving?

  • 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.

©2017 Diocese of Kansas City–St. Joseph

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