If you are 70½ or older, now you can make a difference by giving to LIFE Senior Services and other causes that you care most about from your annual IRA distributions. These gifts can be made tax-free and are not included in your taxable income. Additionally, by giving some of the IRA withdrawal away, you may reduce the tax on Social Security.
As part of the PATH Act, legislators passed a permanent extension of Charitable IRA legislation, making it easier for Americans to give to causes they care about. The Charitable IRA provision, first enacted in 2006, has the power to help local charities strengthen their communities by allowing individuals to roll over up to $100,000 from an Individual Retirement Account (IRA) annually to charity without being federally taxed.
The IRA Rollover allows people age 70½ and older to make direct transfers totaling up to $100,000 per year to qualified charities, without having to count the transfers as income for federal income tax purposes. Transfers must come from your IRA directly to the qualified charity. If you have retirement assets in a 401k, 403b etc., you must first roll those funds into an IRA, and then you can direct the IRA provider to transfer the funds from the IRA
directly to the charity.
As a courtesy to LIFE supporters, we are pleased to offer you the services of our charitable gift planning department. Our gift planning advisors can make your charitable transfer to LIFE Senior Services easy, flexible and effective, while helping you achieve your financial goals.
To get started, schedule a complimentary, confidential charitable gift planning session by contacting LIFE's Development Manager Rickye Wilson at (918) 664-9000.
This opportunity is made possible through a partnership with Tulsa Community Foundation.