Give More for Less This Year

Are you or someone you know age 70 ½ or older?

Learn how to make a tax-free gift up to $100,000 from your IRA to the Oklahoma City Community Foundation to support your favorite charitable cause.

"By planning ahead each year for an IRA Charitable Rollover gift, it helps our charitable dollars go further. It just makes financial sense and allows us to support scholarships for students who were in foster care.” – Janice Haunschild

 

Who Qualifies?
Individuals age 70 ½ and older may transfer up to $100,000 per year from an IRA to charity, tax free.

Benefits of IRA Rollover Gifts:

  • By using pre-tax IRA assets, your charitable gift costs you less.
  • The IRA Charitable Rollover is not subject to income taxes.
  • The amount of your IRA Charitable Rollover can be used to meet your annual required minimum distribution, lowering your taxable income for the year.

IRA Charitable Rollover Giving Options
Gifts may be used to create a new charitable fund or to support an existing fund among the following options:

  • Scholarship & Award Funds
    The Oklahoma City Community Foundation administers more than 200 permanent scholarship endowments, annually awarding nearly $2 million to 600 students to help further their education.
  • Charitable Organization Endowments
    More than 360 charities serving our community have permanent funds at the Oklahoma City Community Foundation. These funds provide an annual source of income to the organization, helping carry on its important work for years to come.
  • Matching Opportunities are also available for gifts to a number of Charitable Organization Endowments. For every $3 donated, the Kirkpatrick Family Fund will match with $1 up to the designated match amount. (View a list of organizations participating in the match.)
  • Charitable Fields of Interest
    At the time the IRA Charitable Rollover gift is made, you must designate a charitable interest area or charitable organization(s) as the beneficiary of the gift.
    **IRA Charitable Rollovers may not be used to support donor advised funds.

Who Should Consider an IRA Charitable Rollover?

  • Individuals age 70 ½ and older who have more money in their IRA than needed for daily living expenses and long-term care.
  • Spouses who both have IRA accounts and don’t need the income to support daily living expenses. Each spouse can transfer up to $100,000, tax free from their IRA.
  • Generous donors who may give more to charity then they can deduct in a tax year because IRA Charitable Rollovers are exempt from federal income taxes.
  • Donors who regularly give a portion of their income to charity and do not itemize deductions.
  • Individuals who wish to remove up to $100,000 from their taxable estate.

Your Next Steps:

  • Contact your professional advisor to determine if the IRA Charitable Rollover is a good option for you.
  • Download a sample request letter to complete and send to your IRA Plan Administrator.
  • Notify the Oklahoma City Community Foundation of your gift by completing and returning this sample letter.

Contact us to learn more:
To learn how we can help you with an IRA Charitable Rollover gift, contact Joe Carter at 405/606-2914.