Don’t forget to roll over this December

November 21, 2018

You may be looking for a way to make a big difference this holiday season. If you are 70½ or older, you may also be interested in a way to lower the income and taxes from your IRA withdrawals.

An IRA charitable rollover allows qualifying donors to make tax-free charitable gifts of up to $100,000 per year directly from their IRA to eligible charities like the Sanford Health Foundation in Bismarck, Fargo, Hillsboro and Thief River Falls.

 

Benefits of an IRA charitable rollover

  • Avoid taxes on transfers of up to $100,000 from your IRA to our organization.
  • Satisfy your required minimum distribution (RMD) for the year.
  • Reduce your taxable income, even if you do not itemize deductions.
  • Make a gift that is not subject to the deduction limits on charitable gifts.
  • Help further the work and mission of our organization.

 

How an IRA charitable rollover gift works

  • Contact your IRA plan administrator to make a gift from your IRA to the Sanford Health Foundation.
  • Your IRA funds will be directly transferred to our organization to help continue our important work.
  • Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.

 

Extra incentive for North Dakota donors

North Dakota taxpayers also can benefit from a generous state tax credit when investing in the future of local health care through an IRA rollover gift.

North Dakota offers a 40 percent state income tax credit for taxpayers making gifts of $5,000 or more to permanent charitable endowments in the state. IRA rollover gifts up to $25,000 per person and $50,000 per couple, per year, qualify for the tax credit.

 

Contact us

If you have any questions about an IRA charitable rollover gift and other giving options, please contact us. We would be happy to assist you and answer any questions you might have.