Originally passed by Congress in 2015, the IRA Charitable Rollover is an easy way to give an immediate, outright gift to support The American Chestnut Foundation. If you are 70 1/2 or older, you can make tax-free gifts to TACF directly from your retirement account. These gifts can be one-time or reoccurring.
Through your traditional or Roth IRA, you can donate up to $100,000 each year. These distributions go directly from your account to TACF without incurring any income tax. This is especially attractive if you do not need the required minimum distribution (RMD) for supplemental income from your IRA.
Qualified charitable distributions from your IRA can also help reduce or satisfy your RMDs each year. For example, if your 2019 RMD was $10,000, and you made a $5,000 qualified charitable distribution to TACF that year, you reduced your RMD (which is taxed as ordinary income) by $5,000. This arrangement is a win-win for you and TACF!
If you are interested in this easy and tax-savvy way to support the restoration of the American chestnut, please email TACF’s controller Shaomin Li at firstname.lastname@example.org or call TACF’s national office at (828) 281-0047.