Give Using Your IRA

Give Using Your IRA

Give Using Your IRA

Did you know there are special tax and other benefits from making gifts from retirement account assets? It’s true! Consider this tax-free gift through your individual retirement account (IRA) for your year-end giving.

If you are 73 years old or older and are required to withdraw funds from your IRA annually, you may find that making a direct transfer to a charity from your IRA, called a Qualified Charitable Distribution, can reduce taxes on the amount withdrawn. For example, if you have a Required Minimum Distribution (RMD) of $10,000 and contribute $5,000 to Camp Ondessonk from your IRA, you will only be taxed on the difference between the two amounts, or $5,000.  

A gift in any amount up to $100,000 per year, if you are 73 years old or older, from your IRA will:

  • not be included in your taxable income. IRA transfers are not included in your gross income for federal income tax purposes.
  • satisfy your RMD for the year.
  • be put to work today, allowing you to see the difference your donation is making.
  • help Camp Ondessonk “Teach what matters most” to the campers we serve.

Check with your tax advisor and IRA administrator for more information about making qualified charitable distributions and the forms necessary to give in this way.

Click here to learn more ways to give.


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