Beginning at age 70½ you must withdraw a certain amount of money from your Individual Retirement Account (IRA). This is called a Required Minimum Distribution. With a traditional IRA, your contributions were not taxed. Required Minimum Distributions are taxed.
But there is a way to lower your taxes on the RMD and also help Loaves & Fishes. You can take some or all of your RMD and donate it directly to a charity through an IRA Charitable Rollover. An IRA charitable rollover is a way you can help continue our work and benefit this year.
The Benefits of an IRA Charitable Rollover
• Avoid Taxes on transfer up to $100,000 from your IRA
• Meet the required minimum distribution (RMD) for the year.
• Reduce the amount of income taxed, even if you don’t itemize deductions.
• Furthers the critical work of providing meals for the hungry people in Minnesota.
How Does an IRA Charitable Rollover Work?
• Contact your IRA plan administrator and request a gift be made to Loaves & Fishes.
• The funds from your IRA are directly transferred to our organization.
• IRA Charitable rollovers lower your tax bill, but they do not qualify for a charitable deduction.
If you have any questions, please feel free to contact Director of Advancement Carolyn Gross. We will be happy to answer any questions you might have.
Our Legal Name & ID
Our Legal Name: Loaves and Fishes Too
Federal Tax ID Number: #41-1421522
Address: 721 Kasota Ave SE, Minneapolis, MN 55414