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Charitable Gifts Through Your IRA
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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.

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 - for you to pass along the check.

Tax Implications:

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 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.

Note: Information provided by WCMA is not intended as financial, legal, or tax advice. As always, please consult your tax advisor. WCMA is a 501(c)93) nonprofit organization. Federal Tax ID: 61-1698757