Charitable IRA

Make a Gift Tax-Free With An IRA

A Tax-Saving Way to Help The Diocese of Fall River, your parish or the Catholic Charities Appeal

If you are 70½ years old or older, you can take advantage of a simple way to benefit the Diocese of Fall and/or your parish and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money.

This law no longer has an expiration date so you are free to make annual gifts to our organization this year and well into the future.

Why Consider This Gift?

  • Your gift will be put to use today, allowing you to see the difference your donation is making.
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
  • An IRA rollover allows people age 70 ½ and older to reduce their taxable income by making a gift directly from their IRA.
  • An IRA rollover allows people age 70 ½ and older to reduce their taxable income by making a gift directly from their IRA.

Benefits of a Charitable IRA Rollover:

  • Avoid taxes on transfers of up to $100,000 from your IRA to and 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 deductions limits on charitable gifts
  • Help further the work and mission of The Catholic Foundation of Southeastern Massachusetts

How a Charitable IRA Rollover gift works:

  • Contact your IRA plan administrator to make a gift from your IRA to us
  • Your IRA funds will be directly transferred to our organization to help continue our important work
  • Please not that IRA charitable rollover gifts do not qualify for a charitable deduction
  • Please call 508-675-1311 or email giving@catholicfoundationsema.org if you wish for your gift to be used for a specific purpose

Frequently Asked Questions

By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.

No. The legislation requires you to reach age 70½ by the date you make the gift.

Yes. Direct rollovers to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to a charity. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

Yes, absolutely. If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.

No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.

No. Under the law, you can give a maximum of $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.

If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.

It is wise to consult with your tax professionals if you are contemplating a charitable gift under the extended law. Please feel free to contact Mim Sherman, CEO of The Catholic Foundation of Southeastern MA at 508-985-6510 or msherman@catholicfoundationsema.org with any questions you may have.