Reviewing Paperworks

IRA Charitable Rollover Information

To qualify

  • You must be age 70½ or older at the time of gift.

  • Transfers must be made directly from a traditional IRA account by your IRA administrator to Montco SAAC. Funds that are withdrawn by you and then contributed do NOT qualify. Gifts from 401k, 403b, SEP and other plans do not qualify.

  • Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.

 

Benefits — qualified charitable distributions

  • Can total up to $100,000.

  • Are not included in your gross income for federal income tax purposes on your IRS Form 1040 (no charitable deduction is available, however).

  • Count towards your required minimum distribution for the year from your IRA.

If you would like to learn more, contact Ycontreras@montcosaac.org.

The IRA Charitable Rollover provides you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.

"Finding Joy in the Age of the Pandemic," was created by our member, Angela Ngai , during a virtual Art4Me class at the Art Center at Ambler. Acrylic paint on watercolor paper, 2021.