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What is an IRA Charitable Rollover?
An IRA Charitable Rollover provides taxpayers with an efficient way to transfer their annual Required Minimum Distributions (RMD) directly to charitable organizations of choice in order to exclude the distributions from taxable income. This rollover is a great option for taxpayers who don’t want or need the extra taxable income from their IRA’s required RMD.
An IRA Charitable Rollover benefits the St. John Paul II Life Center today and may help you lower your income tax. This is especially true if you are over 70 ½ years old, have a Required Minimum Distribution and have appreciated stock in your IRA portfolio. Making a Qualified Charitable Distribution (QCD) of appreciated stock can help avoid capital gains and have significant tax benefits
What are the Benefits?
IRA Charitable Rollover gifts have a multitude of important benefits:
- Your gift will be put to use today, immediately helping the most vulnerable.
- You can use your gift to satisfy all or part of your required minimum distribution (RMD).
- You pay no income taxes on the gift; the transfer doesn't generate taxable income or a tax deduction.
- It can reduce your annual income level, resulting in lower Medicare premiums and the amount of Social Security that's subject to tax.
What are the Next Steps?
To learn more about giving through stocks or bonds, please read below:
1. Seek the advice of a financial or legal advisor.
2. When you include the St. John Paul II Life Center in your plans, please provide your financial advisor or bank with the following information and the total gift amount.
You will need to provide JPII with the following information:
1. Type of Security
2. Number of Shares transferred
3. Your cost basis of those shares
4. Your acquisition date of those shares
5. Anticipated date of transfer to JPII
To transfer your shares held with your broker directly to the JPII brokerage account, provide your broker/advisor with the following information:
Legal Name: St. John Paul II Life Center
Address: 1600 W. 38th Street Ste. 110, Austin, Tx 78731
Federal Tax ID Number: 20-8785471
3. Please contact give@jpiilifecenter.org or 512-407-2900 to notify our office of your intended gift. Your information will also allow us to identify and promptly acknowledge your gift.
*Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.
Make a difference today and save on taxes.
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Mike and Linda Stuart
Austin, Texas
