Are you looking for a tax-effective way to make charitable donations and support causes you care about? Consider using an IRA charitable rollover, also known as a qualified charitable distribution (QCD).
An IRA charitable rollover allows individuals over the age of 70.5 to donate up to $100,000 per year to a qualified charitable organization without paying income tax on the distribution. This can be an excellent way for individuals to support the causes they believe in and potentially reduce their overall tax burden simultaneously.
But the benefits of an IRA charitable rollover go beyond just saving on taxes. By donating to a qualified charitable organization like the Sisters of Charity of Nazareth that focuses on social justice advocacy, individuals can make a meaningful difference in the lives of others and work towards creating a more equitable and just society.
For example, you could use an IRA charitable rollover to support organizations that are working to end racial discrimination, combat climate change, or protect the rights of marginalized communities. Through your charitable donations, you can help fund critical initiatives that are working to address some of the most pressing issues facing our world today.
In addition to the social impact it can have, an IRA charitable rollover can also be a convenient and efficient way to make charitable donations. By donating directly from your IRA account, you can avoid the hassle of writing a check or setting up a separate charitable fund.
Furthermore, for individuals who are required to take required minimum distributions (RMDs) from their IRA, an IRA charitable rollover can be a way to satisfy their RMD while also making a charitable donation. This can be a particularly appealing option for individuals who do not need the income from their RMD and would prefer to put it towards a good cause.
Overall, an IRA charitable rollover is a valuable tool that can not only provide tax savings but also have a transformative impact on the lives of others through social justice advocacy. By supporting organizations that are working to create a more equitable and just society, you can make a meaningful difference and leave a lasting legacy. So, consider using an IRA charitable rollover to make a difference and support the causes you care about.