If you are 70½ years old or older, you can take advantage of a simple way to benefit Gulfshore Opera and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

• Your gift will be put to use today, allowing you to see the difference your donation is making.
• You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
• Once you reach age 70 ½, you may distribute up to $100,000 directly to qualified charities. If you reach age 70 ½ on or after January 1, 2023, you can use your gift to satisfy all or part of your required minimum distribution (RMD) starting at the age of 75.
  
• Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
• You or your financial advisor may contact our office to discuss this method of giving to GO.

Whether you itemize deductions or choose the new expanded standard deduction, you will be able to use the rules surrounding your IRA to develop a simple giving strategy.

Disclaimer notice: GO does not provide any legal or investment advice. GO recommends that you contact your Trust Attorney and Investment Counselor when making your plans for your legacy gift.

If you decide to include GO in your estate plan or name us as a beneficiary, we would find it very helpful to have a copy of that portion of the document for our records.