IRA CHARITABLE ROLLOVER
Retirees with IRAs can donate money to our food bank, fulfill your required minimum distribution and help end hunger.
Donate in Retirement and Get a Tax Break
Did you know that retirees with an individual retirement account (IRA) can donate money to Second Harvest Heartland, qualify for tax breaks, and fulfill their required minimum distribution (RMD)—all at the same time?
It’s possible for individuals aged 70 1/2 or older, through an IRA charitable rollover (also known as a Qualified Charitable Distribution).
Benefits of an IRA Charitable Rollover
When you help us end hunger with charitable giving from your IRA, you can:
- Reduce your taxable income, even if you don’t itemize deductions on your taxes. Satisfy all or part of your RMD for the year.
- Give more with a financial donation that is not subject to the deduction limits on charitable gifts.
- Help our food bank feed hungry families, children and seniors across Minnesota and Wisconsin.
When you give directly from your IRA through a charitable rollover you can avoid taxes on gifts of up to $100,000 total.
How to Make an IRA Charitable Rollover Contribution
If you’re ready to help us fill the fridges of hungry households in Minnesota and Wisconsin, follow these steps:
- Determine the donation amount you’d like to give through an IRA charitable rollover or Qualified Charitable Distribution.
- Complete this charitable rollover form to make a gift to Second Harvest Heartland.
- Give a copy of the form to your IRA plan administrator.
Your IRA will complete the charitable rollover transaction and transfer your generous donation directly to our food bank, where it will immediately help feed our community.
“We expect to be here for the rest of our lives. And while we are proud to call Minnesota home, we fully appreciate that not everyone is able to experience it in the same way we are. All of us must do what we can to help those in need."
Frequently Asked Questions
If you have a 401(k), traditional IRA, or other pre-tax retirement account, an RMD is the minimum amount of money you must withdraw each year. RMDs begin once you reach a set age.
You can make an IRA charitable rollover contribution—also known as a Qualified Charitable Contribution—as soon as your RMD requirement begins. Right now, RMDs begin at age 72, or age 70 1/2 if you were born before July 1, 1949.
No. If you are 70 1/2 years or older, you can exclude a charitable rollover from your annual taxable income (up to $100,000 cumulative). Your IRA charitable rollover your donation must be distributed directly from your retirement account to Second Harvest Heartland.
You can find all the necessary information for making an IRA contribution to Second Harvest Heartland on this charitable rollover form.
Second Harvest Heartland is a tax-exempt 501(C)(3) nonprofit organization recognized by the IRS, tax ID number: 23-7417654. Your gift is tax-deductible as allowed by law.