IRA Charitable Rollover

(Qualified Charitable Distribution)

Individuals who are over 70.5 may make gifts of up to $100,000 directly from their IRA to the North Dakota Community Foundation for the benefit of the BisMan Community Foundation.

ARTICLE

Remember Required Minimum Distributions and Your Year-End Planning

Mac Stevens, CPA and Ava Archibald, EA | December 22, 2021 | EideBailly.com

Benefits of an IRA Charitable Rollover

  • Avoid taxes on transfers of up to $100,000 from your IRA.

  • Satisfy your required minimum distribution (RMD) for the year (if you are over 72 and must take distributions).

  • Reduce your taxable income, even if you do not itemize deductions.

  • Make a gift that is not subject to the 50% deduction limits on charitable gifts.

  • Support your community forever with a gift to our endowment fund.

How an IRA Charitable Rollover Gift Works

  • Contact your IRA plan administrator to make a gift from your IRA to the North Dakota Community Foundation (which manages the BisMan Community Foundation endowment fund).

  • Your IRA funds will be directly transferred to NDCF for the benefit of the BisMan Community Foundation.

  • Please note that IRA charitable rollover gifts do not qualify for a charitable deduction and cannot be given to a donor-advised fund or a private foundation.

Contact us with your questions at BisManCommunityFoundation@gmail.com or 701-222-8349.