You Still Have Time to Make a Charitable IRA Rollover Distribution!

November 19, 2013

Those of us who have IRAs and have reached 70 ½ years of age can still take advantage of the Charitable IRA Distribution.  Last tax season, the U.S. government retroactively restored this option for 2012 and also extended it through 2013.  This means that you have until the end of this calendar year to choose this option and make a direct distribution from your IRA to your charity of choice.

Up to $100,000 can be distributed from your IRA, tax free, as long as it is sent directly to the charitable organization.  Why would you want to make this direct to charity distribution?  For many people, this break in earned income tax is a much more reasonable and manageable approach than taking the required mandatory distribution from the IRA that is taxable and then making an itemized deduction via a cash donation to the charity of choice.  Quite often the itemized deduction will be lost because of the higher adjusted gross income bracket, but the IRA distribution directly to the charity would be tax free!

If you would like to discuss a direct charitable distribution to the Missionary Society of St. Columban, please contact the Planned Giving Department at 877.299.1920 or