Act now to reduce your taxes with an IRA gift!
Dec 29, 2014
Did you know that you can reduce your taxes by making a gift from your IRA to endow your favorite nonprofit organization?
Convert Burden to Benefit
If you are 70½ or older you are likely familiar with the IRA required minimum distribution (RMD). Each year, the IRS requires you to withdraw a certain amount from your IRA whether you need the funds or not. And you pay income tax on every distribution you take. For many IRA account holders, the taxes can be a significant and an undesirable annual burden.
Reduce Taxes, Increase Impact
The IRA charitable rollover provides several benefits. It allows you to transfer up to $100,000 from your IRA directly to a nonprofit organization, or to establish or add to a nonprofit’s endowment. You pay no taxes on the transfer and your gift counts dollar-for-dollar to support our important work. You can also count the gift against your required minimum distribution, which lowers your income and taxes this year.
How to Make an IRA Rollover Gift
To make an IRA rollover gift, simply contact your custodian and request that an amount be transferred to Kern Community Foundation to establish or contribute to a nonprofit endowment. Your gift can be up to $100,000.
Contact our Donor Services team at 661.616.2617 to learn more about how you can redirect unneeded IRA income to a nonprofit endowment and enjoy valuable tax savings this year.
Kern Community Foundation is a 501(c)(3) public charity. Contributions are tax-deductible as allowed by law (Tax ID #77-0555874).