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Age Has Its Privileges

April 20, 2018

IRA Charitable Rollover

If you are 70 1/2 or older, making an IRA rollover gift is a great way for you to support Cedar Lane Unitarian Universalist Church!

In 2015, Congress made this giving option permanent.

An IRA rollover gift can be used to meet all or part of an IRA required minimum distribution.

An IRA rollover allows donors who are 701⁄2 or older to transfer up to $100,000 directly from their IRA to charity (ies) each year.

You pay no income tax on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your taxes because the transfer is removed from the taxable income you would have otherwise received.

To make an IRA rollover gift, please discuss with your tax or financial advisor. Then, in writing instruct the custodian of your lRA to make a direct transfer gift from your IRA payable to: Cedar Lane Unitarian Universalist Church, 9601 Cedar Lane, Bethesda, MD 20814. Our Tax ID number is 52-0629773.

Inform accounting and office manager Jen Morley of your intentions, including the name of the custodian of your IRA. You may call her at (301) 493-8300 x310 or email jmorley@cedarlane.org If you have questions, your accountant or financial advisor should be able to address your personal situation.