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The Last Great Tax Break for 2019

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THE LAST GREAT TAX BREAK FOR 2019

You may be looking for a way to make a big difference to help further your charity. If you are 70½ or older you may also be interested in a way to lower the income and taxes from your IRA withdrawals. An “IRA charitable rollover” is a way you can benefit your charities this year.

BENEFITS OF AN IRA CHARITABLE ROLLOVER

  • Avoid taxes on transfers of up to $100,000 from your IRA to your favorite charity
  • Satisfy your required minimum distribution (RMD) for the year
  • Reduce your taxable income, even if you do not itemize deductions
  • Make a gift that is not subject to the deduction limits on charitable gifts
  • Help further the work and mission of your favorite charity

HOW AN IRA CHARITABLE ROLLOVER GIFT WORKS

  • Contact your IRA plan administrator to make a gift from your IRA to your charity.
  • Your IRA funds must be directly transferred to your charity before December 31, 2019
  • The IRA charitable rollover gifts do not qualify for a charitable deduction.
  • You do not pay income tax on the gift.
  • So seniors with IRAs can continue to make gifts to their favorite charities and also take the new standard deduction of $24,400 if they make their charitable deduction directly from their IRAs.

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