If you are receiving annual income from an IRA, you are likely paying more in taxes each year. But there is a way you can reduce your tax bill and give back to your community with Habitat for Humanity of Greater Los Angeles (Habitat LA). If you are 70 ½ or older, rather than simply taking an IRA withdrawal this year, you can direct your IRA administrator to distribute a gift from your IRA to Habitat LA. Any amount you transfer counts against your required minimum distribution (RMD). You can direct up to $100,000 in total each year and pay no income taxes on the amount transferred.
The IRA rollover applies only to IRA’s. If you have a 401k or other retirement account with minimum distributions you may be able to roll funds into an IRA to make a gift.
For more information contact Amy Flynn, Director of Major Gifts, Habitat for Humanity of Greater Los Angeles at aflynn@habitatla.org or (310) 818-5229.
