Great news for donors who have to take a mandatory IRA distribution
On December 18, 2015, Congress voted to make the IRA Charitable Rollover benefit permanent. This legislation includes a provision allowing direct gifts from individual retirement accounts (IRAs) to the charity. On December 20, 2019, new tax legislation was enacted, the Setting Every Community Up for Retirement Enhancement Act of 2019, known as "SECURE."
If you are required to take a minimum distribution (RMD) from your IRA, you have the option to make that distribution (up to $100,000) tax free by directing it to ARCS Foundation Oregon.
You will have satisfied your distribution requirement, and you won't have to pay income taxes on that money. Be aware that you can't also claim the qualified distribution as a charitable tax deduction—the amount is simply excluded from your taxable income.
You should consider consulting with a financial or tax advisor to determine how best to achieve your wealth and charitable planning objectives.
Consider making an IRA Charitable Rollover gift to ARCS Foundation Oregon to support an ARCS Scholar.
Contact us at oregon@arcsfoundation.org.