Individuals 70.5 years and older may make tax-free gifts

Individuals age 70.5 and older may make charitable donations from their traditional and Roth Individual Retirement Accounts (IRA) tax-free, according to an announcement from the Archdiocese of Louisville.

Up to $100,000 may be transferred directly from these accounts to one or more qualified charities, such as the Archdiocese of Louisville or a parish, free of federal taxes each year, the announcement said. There may also be state income tax savings.

Funds given to charitable organizations count toward the yearly required IRA minimum withdrawal. To make such gifts, it’s “important to not withdraw funds prior to a gift,” but to instead have the “gift amount distributed directly from an IRA to your parish or the archdiocese,” the announcement said.

Thomas and Colette Dumstorf, parishioners of Holy Spirit Church, recently made an IRA rollover gift in honor of an Ursuline Sister of Louisville who recently passed away.

“The gift is easy to make and is a great way to memorialize the people who have meant so much to us,” Colete Dumstorf said.

For more information, call Erin Zuber at 585-3291, ext. 1128, or speak to an IRA administrator or tax advisor.

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