IRA Charitable

The IRA Charitable Rollover allows individuals who have reached 70 1/2 years to donate up to $100,000 a year from an IRA to The Lisa Colagrossi Foundation. The IRA rollover offers you the opportunity to prevent Brain Aneurysms and save the lives of others without suffering adverse tax consequences. The gifts count towards the required minimum distributions you must take annually from your IRA, but are not included in your adjusted gross income.

The giving incentive is of particular value to individuals who do not claim itemized deductions on their tax return because the funds are sent directly to The Lisa Colagrossi Foundation from your IRA account and are never counted as income. If you do itemize, there is more paperwork but it is still to your advantage to make an IRA Charitable Rollover instead of taking withdrawals, paying income taxes, and then making your gift.

If you need more information or are preparing to make an IRA Charitable Rollover, please contact Tim Crawford at (989) 652-0157 or tim@timcrawfordcpa.com