how to give through your ira

While planning your taxes for 2022, using your IRA to contribute to The Land Conservancy of New Jersey could save you significant tax dollars. Under IRS regulations, persons 70 ½ and over can make tax-free gifts from their IRAs to their favorite charities. If you are over 72, you must take the required minimum distributions (RMD).

Suppose you are over 70½ and have already started taking your RMD. Or you just turned 72 and must begin taking your RMD. Under current IRS regulations, you can choose to make direct charitable gifts from your IRA (with a maximum of $100,000 per person) to public charities, such as The Land Conservancy.

These contributions are tax-free and satisfy the IRS that you are complying with RMD rules. The amount you contribute will NOT be included in your adjusted gross income and offers many tax advantages whether you take the standard deduction or itemize.

Because of the tax advantages of donating from your IRA, this retirement bucket is the optimal asset those 70 ½ and over should consider for your charitable donations. Please note: You should NOT take such distributions personally when you donate to The Land Conservancy from your IRA. Tell your IRA administrator to donate directly to The Land Conservancy of New Jersey on your behalf. You can use this IRA authorization letter to notify your administrator to send your distribution to The Land Conservancy.

The address to send IRA rollover donations is:

The Land Conservancy of New Jersey

Attn: Amber Ray

19 Boonton Ave.

Boonton, NJ  07005

We hope you find this information helpful. If you need further guidance, please speak with your financial or tax advisor. For more information on supporting The Land Conservancy, contact Amber Ray at (973) 957-7195 or aray@tlc-nj.org.

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