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IRA Charitable Rollover

The benefits of giving from your IRA to The Missionary Oblates!

Use Your Traditional IRA to Make Charitable Gifts

Once you reach age 70½, the IRS requires that you start taking money out of your IRA each year.  If you do not need the money from your required distribution this year, consider using it for a charitable gift to the Oblate Missionary Society, Inc.  The IRA Charitable Rollover provides you with an excellent opportunity to be both charitable and tax-wise.

FrwithmanBenefits of the IRA Charitable Rollover Gift

  • Distributions made directly to the Oblate Missionary Society are not included in your gross income, and thus are not taxed at the federal level.
  • Distributions from your IRA count toward your required annual minimum distribution.
  • Even if you don’t itemize your deductions or if you have maxed out your annual charitable deductions, you can still benefit from making this type of gift because gifts from your IRA are not federally taxed.
  • The maximum distribution is $100,000 per individual or $200,000 per couple each year.
  • You are helping the Missionary Oblates spread the Gospel Message to the poorest of the poor.

To Make a Qualifying Gift

  • You must be at least age 70½ at the time of the gift.
  • Transfers must be made directly from a traditional IRA account by your IRA administrator to the Oblate Missionary Society (You can write a check directly to the Oblate Missionary Society if you have an IRA checking account).
  • Do not withdraw your funds and send your gift to the Oblate Missionary Society yourself.  Funds that are withdrawn by you and then contributed do NOT qualify.
  • The IRS will not recognize your qualified transfer to the Oblates as income; therefore you will not be entitled to a federal income tax deduction for your gift.  However, each state treats this differently so please consult your tax or financial advisor.
  • Gifts from 401k, 403b, SEP and other plans do not qualify.  You must first roll these types of retirement funds into an IRA, and then you can direct your administrator to transfer the funds from your IRA directly to Oblate Missionary Society.
  • Unfortunately transfers like this cannot fund charitable gift annuities, donor-advised funds or charitable remainder trusts.

Example
Anthony and Helen BoeckerSuppose Joe, who is over 70 ½, wants to make a contribution to the Oblate Missionary Society.  He has $500,000 in his IRA and is required to withdraw $19,000 this year.  He wants to donate $14,000 and keep $5,000 for himself.  He can authorize his IRA administrator to transfer $14,000 from his IRA to the Oblate Missionary Society.  This $14,000 will not be subject to federal tax, and it counts toward his annual minimum required distribution.  The $5,000 he kept for himself will be taxed as ordinary income.

To make this easier for you click here  http://oblategiving.org/sampleletter.pdf  for a sample letter that you can send to your IRA plan provider to initiate a rollover. Please contact us to share the Good News and let us thank you for your generous support of our missions and ministries!

To contact the Office of Charitable and Planned Giving please call 1-800-233-6264.
You can also email charitablegifts@oblatesusa.org

Legal title: Oblate Missionary Society, Inc.
Federal Tax ID #: 26-0634043

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