IRA Charitable Rollover

If you’re age 70.5 or older, you may be eligible for the IRA Charitable Rollover which allows you to make a gift to March of Dimes from your IRA without paying income tax on the amount transferred.

TO QUALIFY:

  • You must be at least 70.5 or older at the time of the gift.
  • You’re allowed to transfer to charity up to $100,000 per year. Couples who each have an IRA may rollover up to $100,000 per year from each IRA.
  • The rollover must come from your IRA.  Rollovers from 401(k), 403(b) and other retirement plans do not qualify.
  • The rollover must be made directly from your IRA to March of Dimes. Funds that are transferred to you and then gifted to March of Dimes don’t qualify.

BENEFITS:

  • You avoid paying income tax on the amount distributed to March of Dimes.
  • The rollover satisfies your required minimum distribution which begins at age 70.5 (but if your 70th birthday is July 1, 2019, or later, distributions must begin at age 72).
  • The rollover is made by simply instructing your IRA plan administrator to transfer funds directly from your IRA account to March of Dimes.
  • Rollovers are excellent ways to make annual gifts or satisfy multi-year pledges.

If you’re not in a position to consider an IRA Charitable Rollover during your lifetime, leaving IRA/retirement plan assets to March of Dimes at your death will shelter those assets from erosion due to income taxes and possibly estate taxes.  This is accomplished by simply naming March of Dimes as a beneficiary of all or a percentage of your IRA/retirement plan using a Beneficiary Designation Form which you can obtain from your IRA plan administrator.

 

Questions? We are here to help.

For assistance with planning a gift which will benefit March of Dimes now or in the future, please contact Dean Regenovich, Director of Charitable Estate Planning, at 800-780-3463 or [email protected]

For assistance with administration of an active estate or trust of which March of Dimes is a beneficiary, including distributions, releases, and notice of related court proceedings, please contact Pecola Beech, Estates Administrator, at 914-997-4455 or [email protected]