THE IRA CHARITABLE ROLLOVER:
Reduce Your Reportable Income and Taxes While Making a Cash Gift to Palolo Chinese Home.
When you reach age 70 ½ and have an IRA, you have an annual required minimum distribution. Did you know that you can use your required minimum distribution – and more – to make gifts to charities like Palolo Chinese Home, without including the withdrawals as income? This is called the IRA Charitable Rollover. In December 2015, the US Congress and the President made this a permanent way you can help to further the work and mission of Palolo Chinese Home and other charities you support.
How to take advantage of the IRA Charitable Rollover:
- Contact your IRA plan administrator to make a gift from your IRA to Palolo Chinese Home.
- The transfer must be made directly by your plan administrator to PCH. You can transfer any amount up to a total of $100,000. You can make transfers to more than one charity.
- You do not declare the distributions to charity as income; therefore, you avoid the taxes you would normally have pay on withdrawals.
- Please note that because you aren’t paying taxes, you don’t receive a charitable deduction.
- Please contact PCH if you would like your gift to support something specific, such as our permanent endowment. Otherwise, your gift will help to increase our board-restricted fund, to be used to enhance our services to the elderly, keep our facilities up to date, and build a reserve to meet future challenges.
- While this only applies to IRASs, you may be able to transfer funds from a 401(k) or 403(b) retirement account to an IRA, and then make distributions to charity.
- Stay tuned! Legislation has been introduced in Congress that would allow rolling over funds from an IRA to a charitable life-income plan. This would allow you to increase your retirement income AND make future gifts to Palolo Chinese Home and other charities!
For more information on this outstanding opportunity, please contact Darryl Ing, in confidence, at 808-739-6033 or by email at email@example.com.