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Gifts From An IRA distribution

If you are 70 1/2 or older you may be able to take advantage of a simple, tax-saving way to support WRKF.

How it works

If you are 70 1/2 or older, and you have a traditional IRA, you can make a contribution to WRKF as part of your required minimum distribution for the year.

To qualify:

  • You must be 70-1/2 or older and required to take an annual distribution from your IRA.
  • Your total combined charitable IRA rollover contribution cannot exceed $100,000 in any one year. (Married couples may be able to contribute up to $200,000.)
  • Charitable contributions from an IRA must go directly to a public charity that is not a supporting organization. Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover contributions.
  • Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible for the tax-free treatment. The distribution must be made directly from the IRA trustee payable to WRKF or another qualifying non-profit.
  • You cannot receive any goods or services in return for your charitable IRA rollover contribution in order to qualify for tax-free treatment.
  • You must receive an acknowledgment from WRKF or another charity for each rollover contribution.

We recommend that you seek advice from your accountant prior to making a charitable rollover as personal circumstances can have a significant impact on whether charitable rollovers are advantageous. In order to benefit from a 201X-eligible IRA contribution, plan to contact your IRA administrator as soon as possible as some administrators may place a deadline on requesting transfers.
For more information about making a charitable contribution from your IRA, contact Barbara Clark at 225-926-3050, ext. 13, 225-278-0504 (mobile) or email barbara@wrkf.org.