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|Charitable Gifts Through Your IRA|
The IRA Charitable Rollover allows individuals age 70 1/2 and older to make direct transfers totaling up to $100,000 per year to WCMA, as a 501(c)(3) charity, without having to count the transfers as income for federal income tax purposes.
Prior to 2020, this transfer also qualified as part of your required
minimum distribution (RMD). However, the CARES Act, signed into law on
March 27, suspended the RMD requirement for 2020, so that particular
benefit is not relevant this year.
How It Works:
Transfers must come from your IRAs directly to WCMA. If you have retirement assets in a 401(k), 403(b), etc., you must first roll those funds into an IRA and then you can direct the IRA provider to transfer the funds from the IRA directly to WCMA.
Your IRA custodian will normally mail the redemption check - payable to WCMA - directly to us.
Federal - The transfer WCMA is not recognized as income, provided it goes directly from the IRA provider to us.
State - Each state has different laws, so you will need to consult with your own advisors.
Minimum Required Distribution:
This transfer will qualify as part of your minimum required distribution. Once you reach 70 1/2, you are required to take minimum distributions from your retirement plans each year, according to a federal formula. IRA charitable rollovers count towards your minimum required distributions for the year.