Charitable IRA Distributions
Do you have an IRA? Are you 70 1/2 or older and required to make minimum distributions each year?
You can make a tax-free charitable donation directly from your IRA to CYFS, satisfying the required minimum distribution rule and benefitting CYFS at the same time. Here are a few points to keep in mind:
- The funds must be transferred directly from your IRA to CYFS. You should ask your IRA custodian for special forms for this purpose.
- You do not have to report the payout as income, so you will not raise your reportable income.
- Each individual can donate up to $100,000 in gifts to charities each year. For married individuals filing a joint return, the gift could total $200,000 if both spouses have IRA's.
- Donors do not qualify for an additional charitable lincome tax deduction when making IRA rollover gifts.
- Contact your tax advisor for more nformation.
- CYFS' federal tax ID number is 54-0546000.
Please contact Development Director Erin Garvey at (434)296-4118 ext. 233 with questions.