IRA Charitable Rollover

By taking a distribution from your IRA this year, it is likely you will pay more in taxes, and you may even reach a higher tax bracket. Rolling over part of your IRA’s “required minimum distribution” or “RMD” to Big Brothers Big Sisters of America can help reduce your tax bill while supporting our critical work.

If you are 70½ or older and don’t need your required minimum distribution, you can make a gift of up to $100,000 this year from your IRA to help support BBBSA. Contact your IRA administrator to get started with your gift. While you will not receive an income tax deduction, you will not pay taxes on any distributions made to BBBSA.

The law allows for up to $100,000 per person to be distributed from an IRA to qualified charitable organizations each year. If you are married, you and your spouse can each give up to $100,000 per year, if you each own an IRA. If you file taxes jointly, a double gift can go a long way in reducing your taxes.

To make a charitable IRA rollover transfer, contact your IRA administrator and instruct that individual to transfer funds to the charity, or multiple charities, you designate. Contact Big Brothers Big Sisters of America at (813) 720-8778. We will answer any questions you have and provide instructions for completing your gift.

Please contact us at (813)720-8778 or at donations@bbbsa.org if you have a question regarding your planned gift.

* Legal Notice:  This information is not intended as tax or legal advice. For more information about estate planning and making a planned gift to Big Brothers Big Sisters of America, we encourage you to consult with your legal and financial advisors. Laws and regulations governing all gifts and availability of certain life income gifts vary by state.