IRA Charitable Rollovers
Take pride in knowing that your generosity is making a significant impact in the lives of youth and families.
Gifts from IRAs
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Board of Child Care without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can take pride in knowing that your generosity is making a significant impact in the lives of the youth and families we serve. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution (QCD).
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making
- Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD)
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
No matter your age, you can designate Board of Child Care as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.
NOTE: It’s important to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed. We would love to talk to you about your intentions to ensure that they are followed, as well as thank you for your extraordinary generosity.