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Reduce Your Taxes with an IRA Rollover Gift

Reduce Your Taxes with an IRA Rollover Gift
Margaret was a retired librarian. She volunteered at Goodspeed Musicals several times a week and also made several donations to Goodspeed Musicals each year. Margaret saw that her taxes were increasing and wondered how she could continue to do extra things like make charitable gifts with lower income.

Margaret: I have been fortunate that I could make gifts to Goodspeed Musicals every year. My financial advisor told me that because I was turning 73 this year, I would have to begin taking distributions from my IRA. He also told me that because my income was increasing, my tax rate would too.

I started looking at ways to save money and reduce my taxes. I talked to Goodspeed Musicals and learned that I could reduce my income and my taxes by transferring money directly from my IRA to Goodspeed Musicals.

Individuals age 70½ and older may make gifts directly from their IRA to a qualified charity. Individuals age 73 and older must take "required minimum distributions" from their IRA each year. With the IRA charitable rollover, these individuals can transfer up to $108,000 per year directly to charity and it satisfies the required minimum distribution.

Margaret called her IRA custodian and requested a transfer of $10,000 from her IRA directly to our organization.

Margaret: I knew that I would never use all of the money in my IRA. I was thrilled to learn that a gift from my IRA could reduce my income taxes this year while helping Goodspeed Musicals.

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 feel free to contact us.

*Please note: The name and image above are representative of a typical donor and may or may not be an actual donor to our organization.


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Charitable Gift Annuity

A charitable gift annuity is a great way you can make a gift to our organization and benefit. You transfer your cash or property to our organization and we promise to make fixed payments to you for life at a rate based on your age.

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