A TAX BREAK FOR CHARITABLE CONTRIBUTIONS:
Help stamp out hunger and get a tax break.
Taxpayers age 70 &1/2 or older can transfer up to $100,000 year from their individual retirement account to charities. These donations can count towards the minimum required distribution but the donor does not have to report the withdrawal as taxable income. This can help a taxpayer keep his or her reported adjusted gross income below thresholds at which higher Medicare premiums and higher taxes on investments and Social Security benefits kick in.
For your gift to qualify.
- You must be 70 1/2 or older at the time of your gift.
- The transfer must go directly from your IRA to the Seneca County House of Concern.
- Your IRA gift cannot exceed $100,000
- Your gift must be outright.