Having to Take Your RMD But Don’t Need it All?

Here’s an idea:

If you are required to take a minimum distribution from our IRA this year and don’t need the income nor want to pay the income tax on the distribution, you could consider donating your RMD instead. If you are at least age 70 ½, you can instruct your IRA administrator to send your RMD (up to a maximum of $100,000) directly to a qualified nonprofit organization, which includes the Catholic Foundation of Eastern Montana. You can also designate your direct IRA rollover gift to the endowment fund(s) of your choice, to benefit the greatest needs, or your own parish, local Catholic school or organization, or a favorite diocesan ministry (such as vocations or care for priests).

Those who give through an IRA rollover may also take the greatly-increased standard deduction this year, resulting in significant individual tax savings, in many cases.

To make an IRA Charitable Rollover gift to the Foundation, please contact us at (406) 315-1765 or at info@catholicfoundationmt.org.

Submitted by Judy Held