Because Mark was over age 70˝, he could give away up to $111,000 directly from his IRA to his favorite nonprofit this year. Mark's gift would qualify for his required minimum distribution amount, reducing his income and taxes.
Mark gave the maximum amount, $111,000, for an IRA rollover gift this year. Because of Mark's income level, he enjoyed added tax benefits.
If you are 70˝ or older, an IRA Charitable Rollover is a way to make a gift to support the cause of Santa Barbara Museum of Natural History from your IRA.
Have you calculated what your IRA required minimum distribution will be this year and how it will affect your taxes? If you have questions about how you can benefit from an IRA rollover, please feel free to contact us.
Please note: The information above is representative of a typical donor and may or may not be an actual donor to our organization.
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