If you are 70½ years old or older, you can take advantage of a simple way to benefit St. Cecilia and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money.
This charitable gift option applies only to IRA and Roth IRA plans, not to other retirement plans such as 401(k), 403(b), pension, profit-sharing, Keogh, and employer-sponsored SEP IRAs and simple IRA plans. However, a donor may be able to roll assets tax-free from one of these plans to a traditional IRA, and then take advantage of the charitable rollover. Donors should be encouraged to consult their retirement plan administrator, or their tax or financial advisor to determine whether this option would be advantageous for each donor’s financial and tax circumstances.
The IRA rollover’s key provisions are:
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.