What Are Required Minimum Distributions?
As we come to the end of the year, you may be making plans for your year-end charitable contributions. Required minimum distributions are amounts that U.S. tax law requires one to withdraw annually from traditional IRAs and employer-sponsored retirement plans. If you are 70½ or older, an IRA charitable rollover may allow you to help us support our youth and receive tax benefits this year.
The Benefits of an IRA charitable rollover include:
- You satisfy your required minimum distribution for the year.
- You can reduce your taxable income, regardless of whether you itemize deductions or not.
- You can avoid taxes on transfers of up to $100,000 from your IRA to the Boys & Girls Clubs of Greater Conejo Valley.
- You can make a gift that is not subject to the deduction limits on charitable gifts.
To gift your IRA charitable rollover to us, contact your IRA Plan administrator. Your funds will transfer straight from your IRA to us to help youth recover from learning loss and social or emotional side effects of the COVID-19 pandemic. Please note that your IRA charitable rollover gifts do not qualify for a charitable deduction, they serve to reduce your overall taxable income. To restrict your gift for a specific purpose, please contact us. Otherwise, gifts will be used for the general advancement of our cause.