IRA Rollover

Jim and Jackie are members of Sacred Heart Parish/Aberdeen.  They have enjoyed supporting their parish as well as the St. Thomas Aquinas Newman Center, as Jackie was a long-time employee of Northern State University.  While working they typically made monthly gifts to their parish and their favorite ministry.  Upon retirement, the Hansons became aware that there was an easy,  tax-advantaged path to continue gifting to their parish and the NSU Newman Center.

Jim and Jackie learned that at age 70 1/2, (now age 72), that they would be required to distribute a portion of their IRAs.  Jim directed their Required Minimum Distribution (RMD) from Jim’s IRA account to the CCFESD, to be directed to Sacred Heart and the Newman Center.  Thereby, reducing the tax consequences of receiving his IRA distribution personally.

They ended their monthly contributions and made an annual gift from Jim’s IRA.
Laurie states, “It’s easy!  We do it because it’s beneficial to the ministries and us.  And we don’t have to remember to make our monthly gifts.”

If you are 701/2 there are tax benefits to make your charitable giving through a charitable IRA “rollover”. Even though this year there are no Required distributions this year, gifts directly from an IRA still have tax benefits. Contact your local gift planning officer to learn more.