IRA to Gift Annuity Rollover
You may be looking for a way to help further our mission and enhance your income. If you are 70½ or older, you can make a one-time IRA rollover to fund a charitable gift annuity and receive fixed payments for life.
Benefits of an IRA to gift annuity rollover
- Reduce your taxes with a one-time transfer of up to $50,000 from your IRA to a Gift Annuity
- Receive lifetime fixed payments for you and, if you choose, for your spouse
- Potentially reduce your required minimum distribution (RMD) this year
- Help further the work and mission of The Salvation Army - North and Central Illinois Division
How an IRA rollover to gift annuity works
- Contact us about creating an IRA rollover to gift annuity with The Salvation Army - North and Central Illinois Division.
- Contact your IRA plan administrator to make a one-time qualified charitable distribution (QCD) of up to $50,000 from your IRA to The Salvation Army - North and Central Illinois Division.
- We will use your IRA gift to fund your gift annuity payments.
- Please note that IRA gifts do not qualify for a charitable deduction.
- After you receive payments for life, there will be a future gift to us.
- Please contact us if you wish your future gift to be used for a specific purpose.
If you have any questions about an IRA rollover to a gift annuity, please contact us. We would be happy to assist you and answer any questions you might have.