End of year giving to IRU & thank you for your support
The IRA Charitable Rollover is an excellent opportunity for Idaho Rivers United supporters ages 70 or older. Many supporters have found this to be a valuable tool to avoid the necessity of claiming a required minimum distribution (RMD) as income, or reducing the amount of future RMDs, which could have serious tax implications. This legislation allows you to transfer up to $100,000 from your Individual Retirement Account (IRA) directly to Idaho Rivers United. Once again, we are happy to speak to you, or your advisors, regarding this opportunity.
The charitable IRA gift is a tax-smart gift. This method of giving is especially attractive in the following situations:
1. Large Fund IRAs. Many donors have large fund balances in their traditional and Roth IRAs. The Charitable IRA Rollover gift is a simple method of giving that provides the equivalent of a 100% income tax charitable gift deduction and avoids eventual confiscatory taxation.
2. Non-Itemizers. If you do not itemize your tax returns, you may benefit from the Charitable IRA Rollover Gift. You can effectively receive a 100% income tax charitable deduction by making this gift and still not have to itemize your deductions.
3. Very Generous Donors. If you do itemize your deductions, the Charitable IRA Rollover Gift allows you to give more. You are still able to make your charitable gifts up to the applicable charitable contribution limits of 30% or 50% of your contribution base while also making a gift from your IRA account that does not count in your contribution limits.
4. Income Reduction. Many higher income donors who make generous charitable gifts would like to reduce their income. The Charitable IRA Rollover gift reduces income and the negative impact on the increase in Social Security taxes, the phase-out of itemized deductions, the application of the alternative minimum tax, the deductibility of medical expenses, and the child tax credit.
5. The Double Deduction. Many donors live in states with the double hit of a state income tax and no offsetting state income tax deduction for charitable gifts. The Charitable IRA Rollover often provides the equivalent of a 100% state income tax charitable deduction in these states.
6. States with No Income Tax. Many donors live in states with no state income tax. Many of these donors do not itemize their deductions on their income tax return. They take the standard deduction and thus this gift may be especially attractive to them.
Idaho Rivers United sincerely appreciates the support of our members and we welcome the opportunity to speak to anyone interested in these unique opportunities. There are great benefits available to those interested in continuing your support in a different way. We are available to speak to you, your attorney, or your advisors in order to find ways to give that can help you and continue our efforts to accomplish our mission of conserving and protecting the rivers and fisheries of Idaho. Please reach out to Nic Nelson – nic@idahorivers.org (208.343.7481) with any questions.
*This is solely intended for informational purposes, not intended as specific legal advice – please consult your tax advisor or attorney about your specific tax or legal situation.
