Mandatory IRA deductions: Make a gift to support local healthcare and you won’t be taxed on your payout.

Here’s a great way to take your mandatory IRA deduction without being taxed—and benefit CMHS.  The IRA Charitable Rollover provision allows individuals who have reached age 70 ½ to donate up to $100,000 to a charitable organization, such as CMHS, directly from their retirement account (IRA), without treating the distribution as taxable income.  This law no longer has an expiration date, so you are free to make annual gifts to CMHS from your IRA this year and well into the future.

  • You must be age 70½ or older at the time of the gift.
  • You transfer up to $100,000 directly from your IRA. This opportunity applies only to IRAs and not other types of retirement plans.
  • You transfer the funds outright to one or more qualified charities. The legislation does not permit direct transfers to charitable trusts, donor advised funds, charitable gift annuities or supporting organizations

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