IRA Charitable Rollover
If you are 70½ or older you may be interested in a way to lower the income and taxes from your IRA withdrawals. An IRA charitable rollover is a way you can help us continue our work and benefit you with tax savings this year.
Benefits of an IRA charitable rollover
- Avoid taxes on transfers of up to $100,000 per year from your IRA to SCIF
- Satisfy your IRS 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 SCIF
Click below to watch a short video that shows how an IRA Charitable Rollover works
How an IRA charitable rollover gift works
- Contact your IRA account custodian or advisor to make a gift from your IRA to SCIF.
- Your IRA funds will be directly transferred to SCIF to help us continue our important work.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
- With the right size of gift you may be able to fund an entire project of SCIF. Click HERE to see our current list of opportunities. Contact us if you wish your gift to be used for a specific purpose.
Charitable Lead Trust
Another popular charitable trust is the Charitable Lead Trust (CLT). The CLT works as follows: appreciated property (e.g., marketable securities, real estate, and/or some other qualified property) is placed in a CLT and an amount is paid out to SCI Foundation each year, with the assets remaining invested and appreciating over the term of the CLT. At the end of the CLT term, the remaining assets are paid to the donor/creator’s heirs. The donor/creator receives a charitable deduction either upon creation of the CLT or over the payouts to SCI Foundation.
SCI Foundation and its staff are not tax advisors. It is wise to consult with your tax professionals if you are contemplating setting up a Charitable Lead Trust.