1-888-330-6264 mami@oblatesusa.org

The IRA Charitable Rollover works great for me because I don't itemize my deductions every tax year.  And this allows me to not count my IRA's required minimum distribution as taxable income.

IRAs

Required Minimum Distribution

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. This provides you with an excellent opportunity to be both charitable and tax-wise.

TALK TO US FOR MORE INFORMATION

Call 1-800-233-6264
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Legal Title:
Oblate Missionary Society, Inc.

Tax ID:
26-0634043

 

Benefits of the Required Minimum Distribution 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 Funds that are withdrawn by you and then contributed do NOT qualify.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
Suppose 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 for a sample letter that you can send to your IRA plan provider to initiate a distribution. 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

IRA Beneficiary Designations

Consider leaving a legacy gift from your tax-deferred IRA or 401(k) retirement plan to the Misisonary Oblates. These plans are typically pre-tax assets that will be heavily taxed when given to anyone other than a spouse. When you name the Missionary Oblates as beneficiary, they will receive 100% of your gift tax free.


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