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Donating from your IRA

How it works

If you are a taxpayer 70 ½ and older, you can donate up to $100,000 tax free from your Individual Retirement Accounts (IRA). In 2015, Congress voted to make permanent the exclusion from income tax of up to $100,000 per person, per year, for IRA distributions, which are given directly to charities.

By making a charitable contribution from your IRA, you can satisfy your Required Minimum Distribution (RMD) amount without reporting additional income. When you take a normal distribution from your IRA, it is treated as taxable income. Therefore, it is important that your IRA custodian records it as a qualified charitable distribution.

I hope you will consider donating to The Heartland Institute. Contact your IRA custodian today and find out how you can make a qualified charitable contribution.

Guidelines for Donating IRA Distributions

Eligibility: IRA account owner must be age 70 1/2 or older at time of IRA distribution in order to take advantage of this provision. Rule applies only to Traditional, Rollover, and Roth IRAs; SEPs and SIMPLE IRAs are generally excluded. Distributions of non-deductible IRA contributions also do not qualify.

Annual limit: Maximum amount of a taxpayer’s qualified charitable distribution must not exceed $100,000 per tax year and may include RMDs.

Qualifications: Distribution must be made to a qualifying charity; private foundations and donor-advised funds are not eligible. Consult a tax professional for additional information.

Direct Contribution: The IRA Trustee or custodian must make the distribution directly to the charity. Distributions made payable to the IRA owner and transferred to the charity will not qualify.

If you have any questions, please contact Janis S. Sleeter, MBA, CFP®, AIF®, Financial Advisor, Total Clarity Wealth Management, Inc. at 630/368-6160 or by email at jsleeter@totalclaritywealth.com.

Development Team

Gwendalyn Carver
Director of Development
gcarver@heartland.org 

Wanda L. Davis
Executive Assistant to the President

Aaron D. Stover
Director of Development - Eastern Region
astover@heartland.org