Your individual retirement account (IRA) is an excellent tool for saving for your retirement years. Even better, it’s an extremely easy way to support the causes that matter most to you. And once you turn 70½, your IRA is an easy, worry-free way to support Lions Clubs International Foundation that doesn’t affect your future financial security.
If you’re 70½ or older, you can use the IRA charitable rollover (sometimes referred to as the qualified charitable distribution) to make a tax-free gift to Lions Clubs International Foundation. This law allows you to transfer any amount up to $100,000 per year directly to a qualified charitable organization without paying income tax on the distribution. Beginning the year you reach 72, you can use your gift to satisfy all or part of your required minimum distribution.
When you use your IRA to make a gift to Lions Clubs International Foundation:
- Your gift will be put to use today, allowing you to see the difference you’re making.
- You pay no income taxes on the gift. The transfer doesn’t generate taxable income or a tax deduction, so you benefit even if you do not itemize your tax deductions.
- If you have not yet taken your required minimum distribution for the year, your IRA gift can satisfy all or part of that requirement.
Not 70½ Yet?
You can still support our mission with your IRA.
Option 1: If you are at least 59½:
Once you hit 59½, you may begin taking money out of your IRA without paying a penalty. You’ll pay income tax on the amount you decide to withdraw, even if you use this money to make a gift to LCIF. But if you itemize your tax deductions, you are eligible to take an income tax charitable deduction for the full value of the gift, reducing your overall tax bill.
Option 2: At any age:
You can support LCIF with your IRA regardless of your age or financial needs during retirement by naming Lions Clubs International Foundation as a beneficiary of the account. This costs you nothing today, and you retain complete control over your account during your lifetime. As a nonprofit organization, we do not have to pay any taxes on the gift and can put 100% of your gift toward our mission.
Let Us Help
You don’t need to be an expert in retirement planning to make a gift from your IRA. Let us walk you through it and share all the ways your gift makes a difference at Lions Clubs International Foundation. Contact Robert Kanonik, J.D. at +1.630.468.7067 or email@example.com to get started today.