Give from your IRA (if age 70½ or older): Regardless of whether you itemize your taxes, gifting funds from your IRA to ERUUF or the Foundation helps you fulfill your required minimum distribution and is not considered taxable income.

Referred to as a qualified charitable distribution or simply a charitable IRA rollover, you can use funds from your traditional IRA to donate to a qualified charity, including ERUUF or the Foundation. If you are age 70½ or older, you can donate funds from your IRA without it being considered a taxable distribution.

How does a Qualified Charitable Distribution from an IRA Work?

Contact your IRA administrator and ask to make a qualified charitable distribution to “Eno River Unitarian Universalist Fellowship” and/or “Eno River Fellowship Foundation.” Keep in mind that distributions must be made directly to ERUUF or the Foundation from your IRA administrator, or they will be counted as taxable distributions. Your IRA administrator will provide you with a Form 1099-R to use when you file your annual tax return. Your donation must be received by Dec. 31 for you to apply it to that year’s tax return.

Normally, when you take a distribution from a traditional IRA, you pay taxes on it since you didn’t pay taxes on the money when you put it into your IRA. But if you are age 70½ or older and make a contribution directly from your traditional IRA to a qualified charity, you can donate up to $100,000 without it being considered a taxable distribution. You can also use your qualified charitable donation to meet all or part of your IRA’s required minimum distribution (RMD) for the year.

Since you are already getting a tax break on your contribution, you cannot also claim your gift as a deduction on your IRS tax return. If you don’t itemize your deductions and you take the standard deduction on your annual tax return instead, a charitable IRA rollover will give you a tax break that you otherwise couldn’t receive for donating money.

Another way to donate IRA assets is through your estate after you pass away by naming ERUUF or the Foundation as the designated beneficiary of your IRA. For more information, visit Planning Your Gift or contact . We encourage you to speak with a qualified legal or financial advisor.