IRAs can qualify for tax-free charitable distributions

If you are age 70 ½ or older and have an IRA, you are required to take a required distribution. If you don’t need this income and don’t want to pay taxes on your IRA required distribution, you can now donate it to a qualified charity. In December of 2015, Congress passed a permanent extension of the IRA Charitable Rollover provision which, if you are age 70½ or older, makes it easy to make tax-free distributions to the Henry County Community Foundation (HCCF) or any other qualified charitable organizations (up to $100,000 per year) from your Individual Retirement Account (IRA).

It’s simple to make an IRA rollover gift to your favorite charity – just consult with your retirement plan administrator and tell them you would like to make an IRA Charitable Rollover distribution to the Henry County Community Foundation. Then, we’ll work with you to establish your personalized charitable plan.

Because we are a 501(c)(3) charity, you can make your direct charitable IRA rollover gifts to the Henry County Community Foundation. Then, we will distribute your rollover gifts to nonprofits in accordance with your unique charitable wishes. ­This works especially well when you would like the rollover amount distributed over a period of several years, if you want to make rollover gifts to more than just one charity, or if you wish to make anonymous gifts. You can also make “the giftof a lifetime” by establishing a permanent charitable legacy.

Why use the IRA Charitable Rollover to Make a Gift to HCCF?

– Establish permanent legacy for your favorite charitable causes
– Benefit more than one charity with single gift
– Make a significant gift anonymously
– “Stretch out” one rollover gift for a specified number of years
–Example: annual tithe to church

If you have any questions about the IRA Charitable Rollover, please contact Beverly Matthews, President of the Henry County Community Foundation, at (765) 529-2235 or beverly@henrycountycf.org Consult your tax and financial advisors when considering any planned gift.

It is important to remember that IRA Charitable Rollover gifts cannot be made to support a donor advised fund or private foundation. Your gift can be used to support a designated fund, field of interest fund, or the Foundation’s Community Fund which supports the greatest needs of our region though community grants.