The IRA Charitable Distribution is a great and simple way to make a gift to Homes For Our Troops and receive tax benefits in return.
- The donor must be age 70 ½ or older when the gift is made.
- The gift must come from an IRA account. (401(k), 403(b), SEP IRA accounts. (Additional retirement accounts do not qualify.)
- The gift must come directly from your IRA Administrator to Homes For Our Troops, 6 Main Street, Taunton, MA 02780. Please include your name and address on the check, so HFOT can appropriately thank you for the gift.
- Donate up to $100,000 annually.
- IRA gifts count towards your required minimum distribution (RMD) for the year in which you made the gift.
- IRA Charitable Distributions are excluded gross income for federal income tax purposes on your IRS Form 1040. You receive no charitable deduction.
It’s important to consider your tax situation before deciding whether to make a charitable contribution from your IRA. Be sure to share this gift plan with your financial advisor.