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December 17, 2013

Why Older Adults Should Make a Gift From Their IRA Now

The following information is from Beth Brown, Planned Giving Specialist: Through December 31, 2013, those ages 70 ½ and older can make charitable gifts to qualified organizations through direct transfers from their IRAs without paying income tax on the IRA distributions.

Here’s how older adults can make a direct transfer:

  • You must be age 70 ½ or older at the time of the gift.
  • You must transfer funds directly from your IRA to the qualified charity.
  • The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions.
  • If you haven’t taken your required minimum distribution for the year, your IRA charitable roller gift can satisfy all or part of that requirement.
  • You make the gifts of any amount up to $100,000 before December 31, 2013 directly from your IRA to a qualified charitable organization.

Extended legislation known as the IRA charitable rolloverallows you to make a gift to qualified charitable organizations such as Kendal at Home, Kendal at Oberlin, and Senior Independence through a direct transfer from your IRA without paying taxes on the amount you transfer.

Individuals may make a qualified charitable distribution to a charity any time in 2013. The donation must be sent directly from the IRA custodian to a qualified charitable organization. The owner of the IRA authorizes the distribution and has it sent directly to the charity, thus avoiding income tax on those dollars. The IRA qualified charitable distribution limit is $100,000. You can make a distribution many times throughout the year, and you may make gifts to more than one qualified organization.

This holiday season, please consider making a gift from your IRA to Kendal at Home, Kendal at Oberlin, and Senior Independence. For more information regarding making a tax-free gift from your IRA to these qualified organizations, visit our donation page or contact Beth Brown by email at bbrown@kahome.kendal.org or by phone at 440-339-3112.

Photo Credit: Ken Teegardin

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