Donate From Your IRA

Here are a few facts related to such charitable giving:

  1. You must actually be 70 and ½ years old or older.
  2. You can transfer money anytime throughout the year
  3. You can transfer part, all, or more than your RMD up to $100,000 each year. The money counts as your RMD, but is not included in your adjusted gross income.
  4. You need to transfer the money directly from your IRA to Friends of Lake Mary Ronan for it to count as the tax free transfer. This can be done by:
    • Direct transfer of funds from your IRA account to the Friends of Lake Mary Ronan Account
    • Have your IRA administrator send a check to Friends of Lake Mary Ronan, PO Box 106, Dayton, MT 59914
    • If you have check writing privileges for your IRA, you can write a check to Friends of Lake Mary Ronan.

  1. The tax advantages for you are:
    • You don’t need to itemize to get a charitable tax benefit
    • It keeps the money out of your Adjusted Gross Income which may help to:

                             a. avoid the Medicare High-Income Surcharge

                             b. make less of your Social Security benefits taxable

Please contact your IRA administrator if you desire to donate from your IRA. We will assist with any additional information you may need from us.


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