For adults age 70½ or older, it is now possible to make tax-favored charitable gifts from traditional and Roth IRA accounts. Up to $100,000 can be transferred directly from traditional or Roth IRAs to one or more qualified charities, such as The Community Foundation, free from federal income tax each year. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift. This is a great way to help your favorite charitable organizations grow their endowments at the Community Foundation. Income tax-free charitable rollovers may be directed to a new or an existing named Designated Fund or Field of Interest Fund. (Note that gifts made to a Donor Advised Fund do not qualify for special tax treatment.)
To maximize this opportunity, it is important not to withdraw funds prior to making your gift. Instead, have the gift amount distributed directly from an IRA to your chosen qualified charity.