If you are age 70½ or older, this tax-friendly donation option supports Sunbeam’s mission while reducing the income and taxes from your IRA withdrawals. This method is a win-win: it benefits you financially while supporting the essential work of Sunbeam!
Benefits of an IRA Charitable Rollover:
- Tax-Free Distribution: You can transfer up to $105,000 annually from your IRA directly to a qualified charity like Sunbeam Family Services without the amount being included in your taxable income. This means you can give more to charity without increasing your tax burden.
- Fulfills Required Minimum Distributions (RMD): Once you turn 73, the IRS requires that you withdraw a certain amount each year from your traditional IRA. An IRA charitable rollover can satisfy all or part of your RMD, which could otherwise be subject to regular income tax.
- Reduces Taxable Income: By transferring funds directly to charity, you can lower your adjusted gross income (AGI), which can also reduce the impact of other tax considerations, like Medicare premiums and the taxation of Social Security benefits.
- No Impact on Charitable Deduction Limits: IRA rollovers do not count toward the usual limits on charitable deductions (typically 60% of AGI). This can allow donors to give beyond what they would normally be able to deduct if making cash contributions.
How an IRA Charitable Rollover Works:
- Reach out to your IRA administrator to request a gift transfer to Sunbeam Family Services.
- Your IRA funds will be transferred directly to support Sunbeam’s mission.
- Please note, IRA rollover gifts do not qualify for a charitable deduction, but they offer other tax benefits.
- Let us know if you wish for your gift to support a specific area of our work.
Fulfilling Your Charitable Goals with Your IRA
Contact Us If you have questions or would like assistance in making an IRA charitable rollover gift, please reach contact Angie Doss at adoss@sunbeamfamilyservices.org or call (405) 609-2311. We’re here to help!
