Make Charitable Donations from IRA Rollovers + How to Donate if you have a 401(k) or 403(b) Retirement Account

Did you know that giving through your IRA may help you save on taxes while providing support to MVUUF? If you are 70½ or older and have an IRA you are probably familiar with Required Minimum Distributions (RMD). Each year after you reach 70½, the IRS requires you to withdraw an amount based upon your age from your IRA whether you need the funds or not, and you pay income tax on that withdrawal. An IRA Charitable Rollover can be used to meet all or part of a required minimum distribution. The transfer does not generate taxable income, so you benefit even if you do not itemize your deductions, and you can use rollovers to pay your pledge.

You can’t make a Qualified Charitable Deduction directly from your 401(k) or 403(b), but you can roll over your funds to an IRA and then make a donation.

Contact the MVUUF office if you would like information about how to do this at office@mnvalleyuu.org