Save taxes with an IRA Charitable Rollover
Are you over age 70 and 1/2 and need to take withdrawals from your IRA?
Are you concerned about your increasing income tax?
Contribute directly from your IRA and save tax with the IRA Charitable Rollover.
When you give through an IRA Charitable Rollover, the amount given to charity is not included in taxable income.
Donors who give any amount can benefit:
- Tax on Social Security benefits is minimized by keeping IRA distributions out of taxable income;
- Donors who are no longer able to itemize deductions enjoy a reduction in taxable income;
- Donors who give large gifts can keep their tax return simple by keeping their taxable income lower
- Donors who want to give above the 50% deduction level can do so without a carryforward limitation.
How to Do It:
Contact your IRA custodian and tell them you want to make a “qualified charitable distribution” to your favorite charity. The amount transferred will not need to be reported as income, and you will not have to itemize to take the deduction.
You’ll be served well and the Kingdom will benefit through simplicity and convenience of the IRA Charitable Rollover.
Village Missions is a 501c3 qualified exempt public charity;
Our Federal Tax ID # is 43-6043847.
This information is provided with the understanding that Village Missions is not engaged in rendering legal, tax or other professional services. If legal advice or other expert advice is required, the services of a competent professional should be sought.
