Donating Stock, Mutual Funds or IRA Minimum Distributions

Are you Over 70½?

For those over 70 ½ who have an Individual Retirement Account, there are tax benefits for gifting some of your IRA directly to church.

• You must be over 70 ½ at the time of the gift.

• For the gift to be tax free to you, the gift must come directly from your IRA to City Center Transitional Living, not payable to you. Instruct the IRA custodian to send the funds to City Center. If you have an IRA checkbook, write the check payable to City Center.

• Charitable Gifts count toward your annual IRA required minimum distribution  (RMD).

• Although you do not get a charitable tax deduction, neither is the distribution taxable to you – which has the same effect. For those who cannot itemize their deductions for tax purposes, this is a better tax plan for donations.

• This rule does not apply to Roth IRAs, 401(k)’s, etc.

For more information, please call John Exell 805.512.0952