If you are 70.5 years of age or older, the IRA rollover is a great way for you to support AWA. The rollover allows donors to transfer up to $100,000 directly from their IRA to charity each year.
An IRA rollover gift is a tax-exempt distribution. And it can be used to meet all or part of an IRA required minimum distribution.
- Recently passed legislation paves the way for the growing number of Americans staying on the job into their 70s and beyond to continue saving in individual retirement accounts. Starting Jan. 1, it removes the age cap for contributing to traditional IRAs, currently 70 ½, for individuals with wage income. And it allows people with tax-deferred accounts to delay, until after turning 72, the minimum withdrawals the law currently requires starting after turning 70 ½. (The change applies to people who turn 70 ½ after Dec. 31, 2019.).