For people age 73 or older, the Charitable IRA Rollover is a tax-wise way to give to Meals on Wheels Plus, Inc.
What is a Charitable IRA Rollover?
Beginning at age 73, people with an Individual Retirement Account or IRA are required to withdraw a minimum amount from their account every year. This is known as the required minimum distribution. Making a rollover gift from your IRA is an easy way for anyone 73 or older to have an immediate impact on Meals on Wheels Plus, Inc. The required minimum distribution is taxed as income. People who do not need the income or who wish to reduce their tax liability can meet the required minimum distribution by transferring funds from their IRA directly to a charity.
The process is simple: You contact your IRA administrator to make a gift up to $100,000 from your IRA each year. Not only will you satisfy your annual required minimum distribution, but you can also avoid taxes on the amount given to Meals on Wheels Plus, Inc.! This way of giving is called a Charitable IRA Rollover.
What you need to know
Charitable IRA Rollover gifts are easy to make, but there are a few requirements.
- Donors must be age 73 or older.
- Funds must come from a traditional IRA account.
- Your gift must go directly to the charity. You cannot cash it out first.
- Your IRA administrator can process the transfer for you.
- The maximum contribution is $100,000.
- The Charitable IRA Rollover is now a permanent giving option, available year-round.
Your gift, your choice
When you make a Charitable IRA Rollover gift to Meals on Wheels Plus, In., you choose where you want your gift to make an impact. Your gift can be used for the General Fund, Groceries on Wheels, Pet Food on Wheels, or to the Meals on Wheels Plus, Inc. Endowment Fund. Charitable IRA Rollover gifts may also be used to pay a pledge or be counted toward the minimum gift required to establish a new endowment.
Next Steps to Make Your Gift
- Please contact Debra Hulse Bowles at dbowles@mealsonwheelsplus.com or call 325-704 3322. Or contact Betty Bradley at bbradley@mealsonwheelsplus.com or call 325-672-5050 to discuss using your IRA to support Meals on Wheels Plus, Inc.
- To include Meals on Wheels Plus, Inc. in your plans, please use our legal name and federal tax ID number. Please let us know of your gift (many retirement providers assume no responsibility for letting nonprofits know of your intentions so your goals won’t be honored).
- Download the template letters to use in notifying your IRA administrator and Meals on Wheels Plus, Inc. of your gift plan.
Legal name: Meals on Wheels Plus, Inc.
Legal address: P.O. Box 903, Abilene, TX 79604
Federal tax ID number: 51-0148188
(Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.)
