IRA Charitable Rollovers
The federal IRA charitable rollover legislation allows donors age 70½ or above to transfer gifts of any amount up to $100,000 using funds from your individual retirement account (IRA).
What are the benefits?
Annual distributions from IRAs (required for those over age 70½) are taxed by inclusion in your adjusted gross income (AGI). Donating some or all of your IRA distribution to an eligible nonprofit such as Housing Hope can reduce your AGI and lower the income tax owed for the year.
Which retirement accounts are eligible?
Rollover gifts must be made from traditional or Roth IRAs.
Are there other restrictions?
Donors must be at least 70½ years old at the time of donation, and donations must be made directly from the IRA trustee to the receiving organization. Additionally, each donor’s total combined charitable IRA rollover gifts cannot exceed $100,000 for the year.
How do I make an IRA rollover gift?
You may authorize your IRA trustee to make the donation directly. Contact your financial advisor or your account custodian to make specific arrangements.
Housing Hope is a 501(c)3 nonprofit organization, and our tax identification number (EIN) is 94-3060709.