Nov 14, 2019 by Knute Nelson Foundation
Are you frustrated by the required minimum distribution rules?
By taking a distribution from your IRA this year, you will likely pay more in taxes and may even reach a higher tax bracket. Rolling over part of your IRA’s "required minimum distribution" or "RMD" to a charity like ours can help reduce your tax bill while supporting our cause.
You may not be aware that Congress passed a law that gives you another option for your IRA withdrawal. While you must withdraw a certain amount of money from your IRA each year, the IRA charitable rollover gives you a way to avoid paying income taxes and still meet your RMD.
If you are 70½ or older, rather than simply take your withdrawal this year, you can direct your IRA administrator to distribute a gift from your IRA to our organization. Any amount you transfer counts against your required minimum distribution (RMD), and you can direct up to $100,000 to your favorite causes this year.
Making an IRA Rollover Gift is Easier Than Ever