Use Your Traditional IRA to Make Your Charitable Gifts

The IRA Charitable Rollover is now permanent and provides you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.

To qualify:

  • You must be age 70½ or older at the time of gift.
  • Transfers must be made directly from a traditional IRA account by your IRA administrator to Chicago Foundation for Women. Funds that are withdrawn by you and then contributed do NOT qualify. Gifts from 401k, 403b, SEP and other plans do not qualify.
  • Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.

Benefits — qualified charitable distributions:

  • Can total up to $100,000
  • Are not included in your gross income for federal income tax purposes on your IRS Form 1040 (no charitable deduction is available, however)
  • Count towards your required minimum distribution for the year from your IRA

Have questions?  For more information on planned giving, contact Katy Thomas at 312.577.2836 or kthomas@cfw.org.