If you’re age 70 ½ or better, you can take advantage of the IRA Charitable Rollover to make a gift to the sisters and realize tax benefits for yourself.
Now permanently enacted by Congress, this option allows individuals to directly transfer all or part of their IRA’s annual required minimum distribution to the sisters without incurring federal income tax on the withdrawal.
- You must be age 70 ½ or better when you make the gift
- Transfers must be made directly from your Traditional IRA account by your IRA administrator to the Sisters of St. Francis of the Neumann Communities. (Gifts from a Roth IRA, 401k, 403b, SEP or other retirement plans do not qualify.)
Because the funds are transferred directly to Sisters, your gift is not considered as taxable income to you. You also have the satisfaction of seeing the immediate impact your generosity has for our sisters.
For more information, please contact the regional representative closest to you.
This information is not offered as legal or tax advice. Please seek the advice or your attorney, tax advisor and/or financial planner to make sure the gift you are considering fits your overall circumstances and planning needs.