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Charitable IRA Rollover 

Are you or someone you love age 72* or older? Good news! A Charitable IRA Rollover may be a good way for you to support your favorite causes. 

Calculator and pen on tax return document. If you don't need a portion of your IRA's Required Minimum Distribution (RMD) this year, you can avoid paying the usual taxes on it while supporting your favorite causes and charities through a charitable IRA rollover to Akron Community Foundation. 

These tax-free rollovers can be large or small - from $100 to $100,000 ($200,000 for couples). They can support an existing charitable fund or create a new fund in your name. 

Checks must be made directly to Akron Community Foundation to qualify as a rollover.

Leverage your highest-taxed assets

A lasting gift 

Read how Bob Wilson took advantage of this provision and used his IRA to support one of his favorite causes.

Retirement distributions are some of the most highly taxed forms of income. A charitable IRA rollover can benefit Ohio seniors in two ways:

  • By helping you avoid the federal income tax you would normally incur on a payout
  • By decreasing Ohio taxable income, thus reducing your state taxes

Leave a legacy of giving

Unlike a one-time gift to an individual charity, your tax-free charitable rollover to Akron Community Foundation can leave a lasting legacy in the community. You can use your gift to start your own charitable fund, which can support your favorite causes and charities, or college-bound students, forever in your name. The law doesn't permit charitable IRA rollovers to donor-advised funds. But, you have lots of other charitable options, including: 

If you've already initiated a transfer of your IRA distributions to Akron Community Foundation, let us know your charitable intent by filling out our letter of intent. Once complete, you can email your letter to our vice president and chief development officer, Margaret Medzie, at mmedzie@akroncf.org, or you can mail it to her attention at 345 W. Cedar St., Akron, OH 44307.

Let us help you

We make charitable giving easy. To learn more about transferring IRA assets, contact Vice President and Chief Financial Officer Steve Schloenbach. Or, to learn more about starting a charitable fund, contact Vice President and Chief Development Officer Margaret Medzie.

*Under the SECURE Act, signed into law on Dec. 20, 2019, the minimum age at which an IRA accountholder must begin taking annual distributions increased to 72. However, individuals can still take advantage of a Charitable IRA Rollover beginning at age 70 1/2. Check with your advisor for more details.