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 us. 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