A Tax-Saving Way to Help The Rotary Foundation

The Rotary Foundation

A Special Opportunity for Those 70½ Years Old and Older

Make a difference today and save on taxes.
It’s possible when you support The Rotary Foundation through your IRA.
 
2023 IRA Charitable Rollover and the Secure Act 2.0
 

Required Minimum Distribution (RMD)

Individuals can make tax-free distributions from an Individual Retirement Account (IRA) of up to $100,000 per taxpayer in support of The Rotary Foundation (TRF) in 2023. Your RMD is required at age 73, at 70½ the transfer is a tax-free event.
An IRA charitable rollover is described as a “qualified charitable distribution,” or money that individuals may direct from their traditional IRA to The Rotary Foundation, an eligible charitable organization. Individuals may exclude the amount distributed directly to TRF from their gross income in 2023 and thereby avoiding income taxes. Your IRA charitable rollover must be made directly from your Individual Retirement Account (IRA) to TRF, to qualify as tax-free transaction. Since this distribution is an exclusion from taxable income rather than a deduction, taxpayers that do not normally itemize can take utilize this opportunity.

Charitable Remainder Trust and Charitable Gift Annuity (CRT and CGA)

New for 2023! A single tax-year transfer of up to $50,000 can be made into a split-interest gift to a Charitable Remainder Trust or Charitable Gift Annuity.
  • These options can be used in conjunction with the Required Minimum Distribution in 2023.
  • Additionally, the CRT and CGA will create income for the donor and a substantial gift to TRF.
  • Individual tax benefits result from the creation of a CRT or CGA.
  • This transfer can only occur once.

Benefits

  • IRA Charitable Rollover is a tax-free event!
  • Your 2023 IRA Charitable Rollover or CRT/CGA transfer can be donated to any of Rotary’s program funds you choose such as Annual Fund Share, PolioPlus, Disaster Response, Peace Centers, any of the seven areas of focus or the Endowment Fund.
  • Your gift will count toward your Paul Harris Fellow, Major Donor, or Arch Klumph Society recognition depending on the gift level.
  • You will feel great about making the world a better place through Rotary!
 
For further information. please contact Frank R. Yoke, III by email or by phone (510) 421-6233.
The Rotary Foundation and District 5150 do not provide tax advice; consult your tax advisor before finalizing gift arrangements.