If you are 70 ½ or older, you can make a sizable gift from an individual retirement account (IRA) to Holland Christian Home AND reduce your taxable income.
Benefits of Giving From Your IRA
- Convenient. An easy way to give to Holland Christian Home.
- Tax-wise. Distributions made directly to charity are not treated as taxable income. This is advantageous even if you don’t itemize deductions on your tax returns!
- Promises kept. Gifts from your IRA can be used to fulfill any charitable giving pledges previously made.
- Impactful. Gifts are tax-free to Holland Christian Home. The entirety of your gift will go toward ministry!
Requirements of a Qualified Charitable Distribution
You can give from your IRA to ministry without any federal tax liability, as long as the gifts are qualified charitable distributions (QCDs). Distributions qualify for all or part of your required minimum distribution (RMD).
- IRA holders must be age 70 ½ or older at the time of the gift.
- Give up to $100,000 per year as a single person or $200,000 per year as a married couple from separate accounts.
- Gifts must be outright gifts made directly to a charitable organization.
- Distributions to donor-advised funds, charitable trusts or for charitable gift annuities are not permissible.
- Distributions may only be made from traditional IRAs or Roth IRAs; other retirement accounts are not eligible.
Explore More Options for Planned Giving
Considering a tax-wise gift from your IRA? Request your free informational sheet about the IRA Charitable Rollover.
To learn more about giving from your IRA or other smart and powerful giving options, contact the Foundation at 973-427-4087 or firstname.lastname@example.org.