ONLY 2 MONTHS LEFT TO ROLL OVER YOUR IRA!

How does it work?  It’s pretty simple as far as tax rules go:  if you’re 70½ or older, you can contribute a total of $100,000 in IRA assets to a qualified charity…and yes, we’d recommend the Community Foundation of Boone County! The payout can satisfy the Required Minimum Distribution. You don’t take a tax deduction for your gift, but neither do you have to report the payouts as income.  That’s the key – without this provision, you might lose some benefits.  Your tax deduction itself could be limited because of other tax rules, or else the donation might boost your reported income, possibly raising Medicare premiums or taxes on Social Security payments. Instead, the donation bypasses tax calculations altogether.

Contact Executive Director Mike Caldwell to take advantage of this opportunity!