Page: Gifts Through Your Ira
Page text from: https://www.foresthome.org/gifts-through-your-ira
Joyful Generosity
Simplify Giving + Less Taxes + Multiply Impact
Gifts through Your Ira
Make a Tax-Free Distribution from Your Ira
If you are 70½ or older, you can make a tax-free distribution from your IRA to Forest Home. You can give up to $100,000 each year without incurring income tax on your withdrawal. An IRA Charitable Rollover can be an efficient way to support Forest Home.
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How It Works
- You direct distributions up to $100,000 from your IRA Custodian to Forest Home.
- The distributions go directly to Forest Home and generates neither taxable income nor a tax deduction.
Benefits
- You avoid taxes on the distribution up to $100,000
- You can satisfy your required minimum distribution for the year
- You reduce your taxable income even if you do not itemize charitable deductions
- You can potentially reduce the cost of your Medicare premiums
- Your gift is not subject to the 60% deduction limits on charitable gifts
- You experience the joy of making it possible for children, youth and families to experience the life-changing power of the Gospel at Forest Home
A Gift through Your Ira May Be for You If:
- You are over age 70½
- You do not need the additional income from your required minimum distributions
- You don’t itemize deductions or your charitable deductions are limited
- You want to give more than the 60% charitable deduction limitation
- You live in a state with no charitable income tax deduction