THINK ABOUT THIS BEFORE YOU VISIT YOUR FINANCIAL ADVISOR FOR 2017

Advantages
·       Individuals and eligible spouses can make an IRA charitable rollover (up to $100,000) to the parish and not have that transfer count towards their taxable income in the same year that they made the charitable gift.
·       Charitable rollover amounts could count toward the client’s required minimum distribution.
·       By avoiding the recognition of taxable income, the donor may have less of their Social Security income subject to income tax.
 
Rules for Using an IRA Charitable Rollover
•       Individuals must be 70½ years old or older.
•       Rollover cannot exceed $100,000.
•       The rollover must be completed before December 31 of the year in which the contribution was to count against taxable income.
•       Rollovers could only be made from traditional IRAs. Rollovers from 403(b) plans, 401(k) plans, pension plans, and other retirement plans do not qualify.
•       Funds have to come DIRECTLY from the plan administrator to the charity.
 
These are generic advantages and rules. Talk with your financial advisor or plan administrator for advantages and rules applicable to your specific situation.
If you wish to discuss this opportunity with a member of the Parish Development Council please e-mail @  [email protected], Chair of the Development Council, or Sean Bogda @ [email protected], Chair of the Major Gifts Committee.