IRA Charitable Distribution

Why Donate IRA to HealthCorps?

Donating IRA assets to a charity benefits both donors and nonprofits.

 

Is donating an IRA to charity tax deductible?

Charities, exempt from paying income taxes on donations, ensure that distributions to them remain untaxed as income. Donating part or all of your unused retirement assets, like your individual retirement account (IRA), is a meaningful way to support HealthCorps, a charitable organization.

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How does a qualified charitable distribution work, and what qualifies as a charitable IRA rollover?

For individuals over age 70½, gifting from an IRA to a qualified charity can be executed as a tax-free distribution. This means that an amount (up to $100,000 annually) transferred directly from your IRA to a charity like HealthCorps can fulfill your required minimum distribution without becoming taxable income for you. This deduction consequently reduces your adjusted gross income (AGI). This distribution, known as an IRA Charitable Rollover, is permitted under Section 408(d)(8) of the Internal Revenue Code.

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To qualify as a charitable IRA rollover, the gift must be directly transferred from a traditional IRA to a qualified public charity like HealthCorps, completed within the applicable tax year.

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HealthCorps must receive your gift by December 31st for your IRA charitable distribution to quality for that tax year.