Thursday, 18 July 2024

Time to take advantage of the IRA Charitable Rollover

UKIAH – Many IRA owners have an opportunity to give a gift that could benefit local community college students while realizing tax breaks for themselves for the current year.


Individuals who must take required minimum distributions from their IRAs may want to consider making a tax-free donation to Mendocino College Foundation, says Mark DeMeulenaere, director of development for the Foundation. Contributions will fulfill all or part of the IRA requirement.


“The IRA Charitable Rollover is a unique opportunity for individuals to take advantage of reducing their taxable income while supporting their favorite charities,” said DeMeulenaere. “We encourage individuals to contact their financial advisors quickly to arrange the transfer of funds before the end of the year.


“It’s a great opportunity to give to the College Foundation or any charity,” he added. “The foundation would be very appreciative of such a gift.”


Monetary gifts help the Foundation in its efforts to support Mendocino College students and programs. The foundation provides student scholarships, funds improvements to educational programs and staff development at the college district’s campuses in Mendocino and Lake counties, and works to cultivate additional backing for the college.


Originally established as a provision of the Pension Protection Act of 2006, an IRA charitable rollover allows an individual at age 70 ½ or older to withdraw up to $100,000 from an IRA and donate it to a qualified nonprofit charity, school, or organization.


The allowance is back as a bonus of the Emergency Economic Stabilization Act of 2008, according to information distributed by certified financial planner Jennifer Strong of Lakeport.


The donation will reduce the individual’s taxable income for the year and must be done as a transfer, either by the individual’s financial advisor or by working with the IRA custodian, notes Strong.


DeMeulenaere suggests consulting personal, legal, and financial advisors to obtain additional details before making a gift. For more information about contributing to the Mendocino College Foundation, call the Foundation Office at 707.467.1018 or email This email address is being protected from spambots. You need JavaScript enabled to view it..


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