Give and receive through your IRA

November 16, 2017

For John and Hannelore Davis, giving through an IRA charitable rollover was a no-brainer.

After John underwent a quadruple bypass, the couple was moved to give back. Through an IRA charitable rollover, the Davises have been able to fund a $50,000 named endowment to support Sanford Heart while reducing their taxable income.

“It makes financial sense,” John said. “I don’t know what a better deal could be. To me, it just makes a lot of sense.”

Is an IRA charitable rollover right for you?

By taking a distribution from your IRA this year, you will likely pay more in taxes and may even reach a higher tax bracket. But, by rolling over part of your IRA’s “required minimum distribution,” or RMD, to a charity like the Sanford Health Foundation, you can help reduce your tax bill while supporting a cause you believe in.

If you are 70 1/2 or older and don’t need your RMD, you can make a gift of up to $100,000 this year from your IRA to help further our mission. Compare the impact of taking your RMD versus the benefits of making an IRA charitable rollover gift to us:

Taking Your RMD:

  • You pay income tax on your distribution.
  • You may not need or want the money.
  • Your tax dollars go to the federal government.
  • You are limited by the RMD rules.

Making an IRA Gift:

  • You will pay no income tax on your gift.
  • You can help support your favorite causes.
  • Your gift can help build your charitable legacy.
  • You can use your IRA in the way you want.

 

Double the benefits

An IRA charitable rollover gift can benefit both you and our mission! Contact your IRA administrator to get started with your gift. While you will not receive an income tax deduction, you will not pay taxes on any distributions made to us. Please also inform us of your plans so we can make sure your gift goes to the area of health care that means the most to you.

To learn more, visit our planned giving resources.