IRA Rollover: A gift with substantial tax savings
Because Jeff was over age 70½, he could give away up to $105,000 directly from his IRA to charity this year. Jeff's gift would qualify for his required minimum distribution amount, reducing his income and taxes.
Jeff: Making an IRA rollover gift was an obvious solution to my tax situation. And I like to support my favorite charities.
Jeff gave the maximum amount, $105,000, for an IRA rollover gift this year. Because of his income level, he enjoyed added tax benefits.
Jeff: I hope I can reduce my income every year and help my favorite charities using IRA rollover gifts.
Is an IRA rollover gift right for you?
Have you calculated what your IRA required minimum distribution will be this year and how it will affect your taxes? If you have questions about how you can benefit from an IRA rollover, please contact us.