IRA Gifts

If you are at least 70 ½ years old and have an IRA (or a Roth IRA), you can make a direct gift from the IRA to the Virginia Interfaith Center for Public Policy and potentially get a significant tax savings.  Gifts can be up to $100,000 per individual, but it must come out of your own IRA or an inherited IRA on which you are the beneficiary.  The contributions cannot come from a SEP or SIMPLE IRA (if they are still active and receiving employer contributions), nor from employer retirement plans.

There are significant tax benefits for most donors of this age with giving a gift from you IRA, because the required distribution amount that you would normally have to take and pay taxes on does not count as income if you give it to a charity like the Virginia Interfaith Center for Public Policy.  The check from the IRA must be made directly to the charity and cannot be paid to you and then to the charity or you will have to pay taxes on it.  Although you can also give from a Roth IRA, there are no tax benefits because you will not pay taxes on your Roth IRA distributions.

Talk with your tax advisor or manager of your IRA to learn more about using this approach to save on taxes and support the Virginia Interfaith Center for Public Policy.