Are you considering making a charitable IRA rollover to benefit the community? The Charitable IRA Rollover, or qualified charitable distribution (QCD), is a special provision allowing certain donors to exclude from taxable income—and count toward their required minimum distribution—certain transfers of Individual Retirement Account (IRA) assets that are made directly to public charities, like the Longmont Community Foundation. Check out our IRA_Rollover Options Fact Sheet to see how you can use your IRA to help the St. Vrain Valley.
What gifts qualify for a charitable IRA rollover?
A gift that qualifies, technically termed a “qualified charitable distribution,” is:
Is there a limit on the amount that can be given?
Yes, there is a limit. An individual taxpayer’s total charitable IRA rollover gifts cannot exceed $100,000 per tax year.
You may make your IRA Charitable distributions any time. Get started by contacting your IRA custodian to request the proper
details and please let us know how we can help!
| Example:
Mr. Smith, age 75, has accumulated approximately $2,000,000 in his IRA accounts. He has other sources of wealth and has plans to leave a sizable estate to his heirs and charity. Under this law, Mr. Smith can create a fund at the community foundation to address the causes he cares about most by transferring IRA funds tax free. Mr. Smith can transfer up to $100,000. In addition, if Mr. Smith is married, his wife can also make similar gifts from her IRA accounts, impacting the community in ways personal, unique and enduring. |