IRA ROLLOVER DISTRIBUTIONS – a WIN-WIN Opportunity for you and for HVO!

Last year’s tax legislation introduced a degree of uncertainty for many. The changes to the deductibility of state and local taxes, as well as the significant increase of the standard deduction have left many wondering what the impact will be on their particular tax situation.

However, if you are over 70 ½ and required to take a distribution from your IRA, there is a bright note. You can get a deduction for a charitable contribution without filing an itemized tax return by using a ‘qualified charitable distribution.’

Distributions from your retirement account which are required after you reach the age of 70 ½ are fully taxable. But if you ask your IRA plan provider and direct them to make a ‘qualified charitable distribution’ you get to exclude this amount from your federally taxable income

The maximum amount you can rollover every year is $100,000 as a ‘qualified charitable distribution’ and it does count toward your minimum required distribution.

HVO is a 501(c)3 organization and is eligible to receive such a rollover. For a sample request letter, click here.

For more information on the process, contact your IRA plan provider or your financial advisor.

Thank you for thinking of HVO!

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