Easy IRA Gifts

1110x370_Etienne's-Ordination_2017_3613

A qualified charitable distribution can make it easy for you to minimize the tax bite of the required minimum distribution if one is due.

This tax-free IRA-to-charity transfer is an important opportunity for donors who:

  • Plan to make charitable donations
  • Don't need the money from a distribution
  • Want to support the Benedictine monks

Qualified Charitable Distribution Requirements

The tax benefits associated with qualified charitable distributions from IRAs directly to the Benedictines are subject to precise and specific requirements:

  • a minimum age—the donor must be at least 70½
  • a maximum amount—no more than $100,000 per year (annual aggregate limit for 2023)
  • a qualified public charity, like us—no gifts to private foundations, or to set up donor-advised funds or split-interest charitable trusts
  • a direct transfer—money must be moved directly from the IRA account to the charity

Satisfy Required Minimum Distributions

Qualified charitable distributions count toward a donor’s required minimum distribution (RMD) if one is due. Contributions to your IRA after age 70½ can impact the amount eligible for a tax-free transfer.

Consider a New Option

Starting in 2023, IRA owners who are 70½ or older can make a one-time, tax-free IRA distribution to create a new charitable gift annuity or charitable remainder trust ($50,000 maximum in 2023). This distribution counts toward a donor's RMD if one is due. Spouses may contribute up to $50,000 each from their individual IRAs into a single charitable remainder trust or a joint-life charitable gift annuity. Payments may only go to you and/or your spouse.

By the way, you’ll probably need our Tax ID to make such a gift. It is 44-0547816 and our legal title is Conception Abbey, Inc.

Click here to calculate your required minimum distribution.

Print Friendly, PDF & Email