IRA – Required Minimum Distribution (RMD)/Donation:
This is a wonderful option for people 70 and a half years of age and older, allowing gifts to the Cape Coral Animal Shelter— from $100 to $100,000. This direct distribution to CCAS is not subject to income tax. An IRA rollover is also a great option if you don’t normally itemize your charitable deductions.
What’s a charitable IRA rollover?
It is a direct contribution made from your traditional or Roth IRA to a public charity like Cape Coral Animal Shelter. Your contribution is excluded from your taxable income and can’t exceed $100,000 per year.
Who benefits most from an IRA rollover?
If you have significant assets in an IRA or those who don’t deduct charitable gifts, you will likely benefit the most from an IRA rollover. Charitable IRA rollover distributions count toward Required Minimum Distribution (RDM).
Is my IRA rollover gift deductible?
No. The gift from your IRA would be excluded from your income, so there are no additional deductions.