This article will be of particular interest if you’re 70½ or older.
Giving to charity through a traditional IRA is an exciting and advantageous opportunity for donors. Worried it’s too complex for you? Don’t be. Here’s the big picture:
That sounds like a WIN to us! Since this is still a fairly new opportunity, we wanted to share it with you so you could learn more. Perhaps it’s a tax strategy you’d like to explore this year.
“A friend of mine told me he was giving to charities through his IRA…his required distribution. This was a wonderful idea. I wanted to make a contribution to College Possible. By using money from my required IRA distribution I would not be taxed and I could afford to give a larger donation.” –Susan Monti
There are so many ways you can incorporate charitable giving into your legacy. This is just one to consider. If you have any questions about legacy giving, we’d be happy to chat with you. Please reach out to Helen Kouba, HKouba@CollegePossible.org or 651-287-2203.
Disclaimer: Always consult a tax professional as you consider the best philanthropic tools for your financial situation. For further details on the IRA as a giving tool, check out Fidelity on Qualified Charitable Distributions or Investopedia.