70½ OR OLDER
YOU CAN DIRECT UP TO
Hawai'i Community Foundation 827 Fort Street Honolulu, HI 96813 808-537-6333 give@hawaiicommunityfoundation.org
$100,000
An Easy Way to Support Your Community If you are 70½ or older, rather than take a withdrawal this year, you can simply direct your IRA administrator to make a tax-free distribution from your IRA to a qualified charity. Any amount you transfer counts against your required minimum distribution (RMD), and you can direct up to $100,000 per year.
Making an IRA Charitable Rollover Gift is Easier Than Ever ●
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Contact your IRA administrator. Because of the popularity of the "charitable rollover," most administrators provide forms to help you make the gift. You can distribute up to $100,000 per year directly from your IRA to a qualified charity.
You will pay no income taxes on the qualified distribution amount.* *Note: Because the transferred amount is not taxable income, you will not claim a charitable income tax deduction.
Rollover
Your IRA for Good
Are you frustrated by the required minimum distribution rules? ●
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You must withdraw a portion of your IRA each year based upon your age. You must pay income tax on the portion you withdraw.
You will face stiff penalties if you fail to withdraw your RMD.
By taking a distribution from your IRA this year, you will likely pay more in taxes and may even reach a higher tax bracket. Now there is a simple way to make a tax-free gift from your IRA!
Distributing your RMD to a qualified charity can help reduce your tax bill while supporting your community. Donor advised funds are currently not eligible. But Hawai'i Community Foundation offers several eligible fund options, including a scholarship fund, a designated advised fund to support your favorite charity, or a field of interest fund to support your favorite cause. Contact us at give@hawaiicommunityfoundation.org to learn more about this tax-saving giving option. This information is not intended as tax, legal or financial advice. Gift results may vary. Consult your personal financial advisor for information specific to your situation. The names and images shown here are representative of typical donors and may or may not be actual donors to the organization. Under federal rules your benefits may be different from this example. Please contact us for your specific benefits. Copyright © 2018 Crescendo Interactive, Inc. Used by permission.