Using Your IRA
If you are age 70 ½ or older, you can make an ‘IRA Charitable Rollover’ gift from your IRA account to North Catholic without any federal income tax liability.
Here is how it works:
- Instruct your IRA administrator to make a gift directly from your IRA to North (ask us for a sample letter of instruction)
- IRA Rollovers DO count towards your required minimum distribution (RMD) for the year (although RMDs are temporarily suspended under the CARES Act)
There are some considerations:
- The gift is not subject to income tax therefore it is not tax deductible (which is effectively the same as a 100% deduction)
- Gifts may be outright contributions only
- You may make up to $100,000 in charitable gifts annually from your IRA