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Reduce Your Taxes with an IRA Rollover Gift

Reduce Your Taxes with an IRA Rollover Gift

Margaret was a retired librarian. She had been an active volunteer and supporter of her favorite charity for many years. Margaret saw that her taxes were going up. She wondered how she could continue to do extra things, like make charitable gifts, with lower income.

Margaret: I made gifts every year. However, I also recognized that I needed to start finding new ways to save money now that I was paying more in taxes.

Margaret contacted us and discovered that because she was over age 70 ½ she could make her charitable gifts this year from her IRA. She could rollover up to $100,000 from her IRA and her gift would qualify for her required minimum distribution.

Margaret called her IRA custodian and requested a transfer of $2,000 from her IRA directly to our organization.

Margaret: I knew that I would never use all of the money in my IRA. I was thrilled to learn that a gift from my IRA could reduce my taxes this year while helping our work.

*Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization.


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Loyola Institute for Spirituality
Loyola Institute for Spirituality (LIS), founded in 1997, is located in Orange, CA. LIS provides many programs and services for individuals, parishes, and dioceses throughout Southern California and beyond.