IRA Charitable Rollovers
If you are 70½ years old or older, have other sources of income, and do not need all or part of the income from your Individual Retirement Account (IRA), you may want to consider an IRA Charitable Rollover as a way to donate to The Animal Haven.
An IRA Charitable Rollover enables you to make charitable donations directly from your IRA account and at the same time save on your income taxes (for donation amounts up to $100,000 per taxpayer). In making charitable donations to The Animal Haven directly from your IRA account, you can satisfy all or part of the IRA’s required minimum distributions without having to include the distributions in your income for federal or state tax purposes. This will not only reduce your income taxes, but by reducing your annual income level, also may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax. It also will greatly benefit The Animal Haven, which will receive the full amount of the required minimum distribution, unreduced by any tax.
Please Note: This is general information and is not intended to be tax or legal advice. For such advice, please consult with your attorney and/or financial advisor.