New giving rule for IRA rollovers in 2024

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Have you been looking for a way to make a generous gift to charity?

If you are already making annual gifts to charitable organizations like ours, and desire to do more, the good news is that you can this year. There is a new giving rule that you should know about!

If you are over 70½, you can transfer an additional $5,000 from your IRA to charity without paying any federal income tax. And this gift may be made over and above the other charitable gifts you already made this year.

Your gift to a nonprofit organization like ours will:

  • not be included in your taxable income
  • may satisfy your required minimum distribution (RMD) for the year
  • reduce your taxable income, even if you do not itemize deductions
  • not be subject to the 50% limitation on charitable gifts
  • help the work of our organization!

Your gift can be made simply by notifying your IRA plan custodian of your intent to make a current transfer to RMHC of Alabama.

You will feel good knowing that you were able to make a generous gift from your IRA this year.

For more information on how to make an IRA rollover gift, contact your IRA custodian with our convenient search widget, or contact Director of Major Gifts Kathy Moore!

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