Roll your IRA over to help homeless pets.
Charitable IRA rollovers are a great option for people 70 and a half years of age and older. That’s because it allows you to make a gift from $100 to $100,000 to help homeless pets and the distribution won’t count as taxable income. An IRA rollover is also a great option if you don’t normally itemize your charitable deductions.
Check out the answers to the frequently asked questions below to see if an IRA rollover is right for you.
What’s a charitable IRA rollover?
A charitable IRA rollover is a direct contribution made from your traditional or Roth IRA to a public charity like the Humane Society of Truckee-Tahoe. Your contribution is excluded from your taxable income and can’t exceed $100,000 per year.
Who benefits most from an IRA rollover?
Those with significant assets in an IRA or those who don’t deduct charitable gifts benefit the most from an IRA rollover. Charitable IRA rollover distributions count toward required minimum distributions.
Is my IRA rollover gift deductible?
No. The gift from your IRA would be excluded from your income, so there are no additional deductions.