IRA Rollover
A qualified charitable distribution, also known as an IRA charitable rollover gift, allows individuals 70½ or older to make an outright gift of up to $100,000 annually from an IRA directly to Make-A-Wish Illinois (the distribution is not subject to tax).Â
Recap of Charitable IRA Rollover Rules
- The IRA account holder must be age 70½ or older at the time the distribution is made to Make-A-Wish IllinoisÂ
- Distributions are limited to $100,000 per individual per year and must be transferred directly from the IRA custodian to Make-A-Wish IllinoisÂ
- Distributions can only be directed from a traditional or Roth IRAÂ
- The distribution must be an outright gift to Make-A-Wish IllinoisÂ
Benefits of Charitable IRA Rollover
- Satisfies all or part of annual required minimum distributions (RMD) and provides a charitable giving strategy for donors who do not need the additional incomeÂ
- The rollover amount is a tax-exempt distribution and not subject to income taxÂ
- Maximizes giving by allowing donors to give outside of the charitable deduction limitÂ
- Provides value for those who do not itemizeÂ
- May be used to fulfill any outstanding pledgesÂ
- You should work closely with your IRA custodian to request a direct distribution to Make-A-Wish.Â
Contact Heather Simpson, at 312.602.9434 or [email protected]Â with questions and to notify us of your planned gift.Â