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September 10, 2013
With an IRA charitable rollover gift, you can help the work of United Way of Larimer County this year and enjoy valuable tax and income benefits. If you are 70½ or older, you can roll over up to $100,000 from your IRA to charity without paying federal income tax. Even better, your gift qualifies for your required minimum distribution (RMD).
Here are some of the ways you can benefit from an IRA rollover gift this year:
Reduce Your Taxable Income.
By rolling over some or all of your RMD from your IRA to charity, you can reduce your taxable income this year.
Lower Your Social Security Tax.
Reducing your taxable income with an IRA rollover gift may also reduce the tax due on your social security payments.
Avoid IRS Tax Limits.
IRA rollover gifts may be made over and above the normal cash gift limit (50% of your adjusted gross income).
Nonitemizers: Enjoy Charitable Gift Benefits!
If you do not itemize your deductions, you can still benefit from the reduction in income and tax resulting from an IRA rollover gift.
If you wish to make a larger gift to a campaign or special cause, you can make that gift from your IRA rather than tapping into your bank account this year.
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