Here at BBBS, there are many different options for making donations in Utah. One of the ways to contribute, which probably isn’t as well known as running clothing drives or donating online payments, is by making an IRA charitable rollover gift.
A charitable IRA rollover is a unique gift option for donors that are either 70 1/2 years or older. In this kind of donation, they can transfer up to $100,000 directly from their IRA (or multiple IRAs). They can then send this to their choice of qualifying charities. It’s important to note that the charity that the rollover is donated to does not count the contribution toward taxable income on a tax return. Similarly, the transfer can’t be claimed as an income tax deduction.
All contributions that we receive at BBBS are vital to helping us create impactful matches for participating youth and we value the donations in Utah that help children and families in our local communities. We know there benefit that IRA denotations have on our end. However, there are also additional benefits for the donors themselves.
BBBS Cannot award material benefits to the donor. However, the nature of IRA rollover gifts has its own way of giving back. For example, by giving a charitable IRA rollover to BBBS, that amount will count toward your required minimum distribution (RMD) for the year. And, of course, you’ll have that deep fulfillment of contributing to an urgent cause.
If you have any questions about completing your gift, contact us. We are happy to help you begin the process. There a lot of different worthy opportunities for donations in Utah. We are grateful to all of the donors, volunteers, and advocates who choose to join us in empowering today’s youth. Visit our website to learn about more opportunities to give.