"When you take money out of an IRA, you usually pay income tax on it. But with an IRA Charitable Rollover, the money goes straight to a charity — so you never owe tax on that amount. It can also count toward your required minimum distribution (RMD), which is the amount the IRS requires you to withdraw each year after a certain age. It's a simple way to support a cause you care about while keeping more of your money working for you."
Catholic Charities of the Archdiocese of Galveston-Houston
People age 70½ or older can transfer up to $100,000 per year directly from an IRA to a qualifying charity without paying income tax on the withdrawal. The transfer can count toward your required minimum distribution. Transfers must come from an IRA — not a 401(k) or 403(b). Catholic Charities of the Archdiocese of Galveston-Houston accepts these gifts. Contact jmcgarry@catholiccharities.org or 713.874.6681 to get started.
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The IRA Charitable Rollover was made permanent for 2015 and beyond through a provision of the “Protecting Americans from Tax Hikes Act of 2015.”
This allows people age 70½ or older to make direct transfers up to $100,000 per year to charitable organizations from their Individual Retirement Accounts, without the withdrawal being treated as taxable income.
From which accounts can I make transfers?
Transfers must come from your Individual Retirement Account(s) directly to the Catholic Charities of the Archdiocese of Galveston Houston. The Charitable Rollover does not apply to 401(k), 403(b), or other retirement plans.
To which organizations can I make gifts?
You may make gifts to tax-exempt, 501(c)(3) organizations, including Catholic Charities of the Archdiocese of Galveston Houston.
How do I make an IRA Charitable Rollover?
Contact the financial institution that holds your IRA about how to instruct them to make a direct charitable transfer. You may instruct them to make a distribution to Catholic Charities of the Archdiocese of Galveston Houston, 2900 Louisiana St. Houston, Texas 77006, Tax ID# 74-1109733. Also see our sample letter of instruction. Please also notify us so we can properly acknowledge your gift
What are the tax implications?
Federal — The transfer is not recognized as a taxable withdrawal from your IRA, and does not afford you an income tax charitable deduction. The withdrawal can be counted toward your “required minimum distribution.”
State — Tax laws vary by state. Some states have a state income tax and will include the transfer as income. Of those, some will allow for a state income tax charitable deduction and others will not. Other states base their state income tax on the federal income or federal tax paid.
Please note: This information is not intended as tax or legal advice. We recommend that you consult with your legal and financial advisors to learn how a gift would work in your circumstances. Laws and regulations governing all gifts and availability of certain life income gifts vary by state.
Contact
To get started or request more information, please contact us at jmcgarry@catholiccharities.org or 713.874.6681
EIN: 74-1109733
Request A Quote
- Check with your IRA provider to confirm you're eligible and ask about direct charitable transfer options
- Contact Catholic Charities at jmcgarry@catholiccharities.org or 713.874.6681 to get started or ask questions
- Request a sample letter of instruction from Catholic Charities to send to your IRA provider
- Direct your IRA provider to transfer funds to Catholic Charities (Tax ID# 74-1109733)
- Notify Catholic Charities after you've set up the transfer so they can acknowledge your gift
- Talk to a financial or tax advisor to understand how this gift affects your state taxes
