IRA Charitable Rollover

There is an annual required minimum distribution (RMD) from qualified IRAs.  The Tax Cuts and Jobs Act of 2019, changed the age requirement from 70 ½ to 72 and ½.  Individuals may donate all or any portion of the required minimum distribution from qualified IRAs to take advantage of several tax benefits. Please consult your financial adviser for details. 

 

  • You must be 72 1/2 or older. (Changed from 70 1/2 in 2019.)

  • Gifts must be made directly from the IRA to The Adult Literacy Center of Ozaukee County.

  • Total charitable giving cannot exceed a total of $100,000 per taxpayer for the year.

  • Gifts must be outright, and no material benefits can be received in return for the gifts.

  • Gifts cannot be made to a donor advised fund, supporting organization, or private foundation.

  • The gift is not included in taxable income, and thus reducing taxable income. No charitable deduction is allowed.

  • Gifts from your 401(k), 403(b), and 457 plans are not permitted.

  • Steps to take to make a gift:

  • If you want to make a qualifying transfer, contact your financial adviser and IRA administrator.

  • The Adult Literacy Center of Ozaukee County, Tax ID # 46-2787588 
     

 

Contact Sarah Gilday, Executive Director of The Adult Literacy Center of Ozaukee County at sarah@adultliteracyoz.org with any questions.
 

Note: In addition to gifts from your IRA account, please consider designating The Adult Literacy Center of Ozaukee County as a beneficiary of your IRA account. This is a great way to maximize your support of our mission. Please contact your IRA account administrator to inquire about completing a beneficiary designation. Thank you!

Check out all of the other ways to donate!

The Adult Literacy Center of Ozaukee County is an independent 501(c)(3) organization 

715 6th Avenue, Grafton, WI  53024     |      adultliteracycenter@gmail.com     |     262-546-0020