By taking a distribution from your IRA this year, it is likely you will pay more in taxes, and you may even reach a higher tax bracket. Rolling over part of your IRA’s “required minimum distribution” or “RMD” to Big Brothers Big Sisters of America can help reduce your tax bill while supporting our critical work.

If you are 70½ or older and don’t need your required minimum distribution, you can make a gift of up to $100,000 this year from your IRA to help support BBBSA. Contact your IRA administrator to get started with your gift. While you will not receive an income tax deduction, you will not pay taxes on any distributions made to BBBSA.

The law allows for up to $100,000 per person to be distributed from an IRA to qualified charitable organizations each year. If you are married, you and your spouse can each give up to $100,000 per year, if you each own an IRA. If you file taxes jointly, a double gift can go a long way in reducing your taxes.

To make a charitable IRA rollover transfer, contact your IRA administrator and instruct that individual to transfer funds to the charity, or multiple charities, you designate. Contact Big Brothers Big Sisters of America at (813) 720-8778. We will answer any questions you have and provide instructions for completing your gift.