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Reduce Your Taxes with an IRA Rollover Gift

Reduce Your Taxes with an IRA Rollover Gift

Margaret was a retired librarian. She had been an active volunteer and supporter of her favorite charity for many years. Margaret saw that her taxes were going up. She wondered how she could continue to do extra things, like make charitable gifts, with lower income.

Margaret: I made gifts every year. However, I also recognized that I needed to start finding new ways to save money now that I was paying more in taxes.

Margaret contacted us and discovered that because she was over age 72 she could meet her required minimum distribution of her IRA with a charitable gift to The Salvation Army. She could rollover up to $100,000 from her IRA and her gift would qualify for her required minimum distribution.

Margaret called her IRA custodian and requested a transfer of $2,000 from her IRA directly to The Salvation Army.

Margaret: I knew that I would never use all of the money in my IRA. I was thrilled to learn that a gift from my IRA could reduce my taxes this year while helping our work.

There have been several changes to IRA gift guidelines in 2020. Please contact us or call 317-224-1039 for more information and instructions on where to send your gift.

*Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization.


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