IRA Charitable Rollover
Special Opportunity for Those 70.5 Years and Older
Make a gift tax-free with an IRA. You can make a difference today and save on taxes when you support Routt County United Way (RCUW) through your IRA.
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as RCUW without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution (QCD).
Why Consider This Type of Giving?
Your gift will be put to use today, allowing you to see the difference your donation is making. Plus, you don’t pay income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you don’t itemize your deductions. Since your gift doesn’t count towards income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax. Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
Frequently Asked Questions
For Those 59.5 Years Old & Older
If you’re at least 59.5 years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.