In 2015 the PATH act made permanent the ability for individuals to roll over up to $100,000 from an individual retirement account (IRA) directly to a qualifying charity without recognizing the assets transferred to the qualifying charity as taxable income.
You may be able to make outright gifts of up to $100,000 to Habitat for Humanity from your IRA and have such gifts count toward your minimum distribution requirement while also excluding the transferred amount from your taxable income. To qualify, you must meet the following requirements:
You must be 70 ½ or older
The transfer must go directly from your traditional or Roth IRA to Amnesty
(401(k), 403(b) and SEPs are not eligible).Your gift cannot exceed $100,000 per year
Your gift counts toward your required minimum distribution
You will pay no federal income tax on your distribution. However, the distribution is not reportable as income, so you will NOT receive a charitable income tax deduction for the gift. Discuss these with your tax planner as state taxes may still apply
Please note that transfers to charitable remainder trusts, gift annuities, donor advised funds and private foundations do not qualify.
Once you decide to designate Habitat for Humanity as a beneficiary, simply provide our information to your IRA administrator as follows:
Habitat for Humanity serving Winona County
126 N Baker St
Winona, MN 55987
ID# 41-1755549
Thank you so much for helping us build a world where everyone has a decent place to live.
