By May 11, 2018November 2nd, 2021Articles

Simple, Easy Gift

If you are like many people, your IRA has increased in value over the years and you have more income than you may need. For people aged 70½ or older, the IRA rollover gift is a simple and easy way to provide for the Church while not increasing your taxable income.

Are you frustrated by the required minimum distribution rules?

  • Those who are age 72 or older must withdraw a portion of your IRA each year based upon your age.
  • You must pay income tax on the portion you withdraw.
  • You will face stiff penalties if you fail to withdraw your RMD.

By taking a distribution from your IRA this year, you will likely pay more in taxes and may even reach a higher tax bracket. Rolling over part of your IRA’s “required minimum distribution” or “RMD” to a charity like the Catholic Foundation of Eastern Montana can help reduce your tax bill while supporting your favorite Catholic ministry, parish, school or organization in our diocese.

Major gift with Minor Effort

The IRA charitable rollover provides several benefits:

  • It allows you to transfer up to $100,000 from your IRA directly to a qualified nonprofit organization, such as the Catholic Foundation of Eastern Montana, this year.
  • You pay no taxes on the transfer and your gift counts dollar-for-dollar to support our important work.
  • You can also count the gift against your required minimum distribution (RMD), which lowers your income and taxes this year.

Your Savings, Your Legacy

Have you considered establishing a “Named Endowment” with the Foundation through an IRA rollover gift? You give to the Church regularly and you care deeply about the mission. Many of us do. Would it make you happy to have your IRA rollover gifts fund a “forever” endowment that would bear your name, ensuring that when you pass, distributions will continue to be made each year — exactly as for what you designate — benefitting God’s Church forever? A Named Endowment is the perfect way to ensure your legacy. Funding a permanent endowment with your IRA (either through current rollover gifts, or naming the Endowment as the IRA beneficiary, or both) is a simple and natural way to make it happen.

Making an IRA Rollover Gift is Easier Than Ever
Contact your IRA administrator. Because of the popularity of the rollover, most administrators provide forms and a procedure to help you make a rollover gift.

Contact us for more information about using your IRA to fund an Endowment in your name!

We are always happy to visit about your interests in helping ensure a vibrant future for the Catholic Church in our diocese!