Charitable IRA
It’s easy to use your IRA for tax-saving charitable gifts. Individuals 70½ and older may transfer up to $100,000 annually from an IRA to public charities, such as Lincoln Community Foundation, without incurring Federal tax. Such charitable rollover payments apply toward required minimum distributions and do not add to income. It enables donors to experience the joy of giving during their lifetimes and allows gifts to be permanently endowed, providing a lasting legacy forever.
Tax benefits for donors:
- Not added to income - IRA rollover amounts are not included in your gross income calculations so you may save on Federal income and Social Security income taxes, avoid the Medicare tax and enjoy other tax savings.
- Nonitemizers - If you do not itemize deductions and therefore would not otherwise receive a tax deduction for your charitable gift, an IRA rollover gift allows you to enjoy an equivalent tax benefit without requiring you to itemize.
- Generous donors - IRA rollover payments are not subject to the annual ceiling on charitable deductions or the phaseouts of deductions for high earners.
We can help with items to add to an existing fund or create a new permanent legacy fund bearing your name. Your fund can be tailored to support the entire Lincoln community or your favorite organizations or causes.
We encourage you to consult with your personal tax advisor to see how you might benefit by making a charitable gift directly from your IRA.
Members of our Development team are available to answer your questions, help with paperwork and collaborate with your financial advisor, estate planner or local nonprofit to develop a plan that is right for you and your family. Download Charitable IRA Rollover.
IRA transfers to a Donor Advised Fund do not qualify as QCDs.