IRA Charitable Rollover

The new SECURE Act (effective January 1, 2020) and the CARES Act (enacted March 27, 2020) may affect both your current retirement planning and your plans to leave retirement assets to your loved ones when you are gone. In addition, naming a qualified charity such as Catholic Charities as your IRA beneficiary still remains a great choice, even though there is no requirement to take a Required Minimum Distribution for calendar year 2020.

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If you are aged 70½ or older, you again have the opportunity to save on taxes and make a charitable rollover gift from your IRA. With a direct transfer from your traditional IRA to a qualified charity, you satisfy your minimum required distribution for the year. IRA Charitable Rollover transfers are income tax-free so long as the gift is made by December 31st. 

Consider an IRA Charitable Rollover transfer to benefit your parish, Catholic Charities, Priestly Formation, Catholic Education or another ministry of the Diocese of Cleveland.  

We invite you to read this article by Christopher B. Anderson, a shareholder at Maloney + Novotny LLC with extensive expertise in not-for-profit tax matters: Qualified Charitable Distributions, A Gifting Alternative.

IRA Charitable Rollover - Fast Facts

  • You must be 70 ½ and older
  • Transfers must be made directly from the IRA to a qualified charity
  • Your taxable income can be reduced by up to $100,000, the maximum allowable
  • Only traditional IRA accounts are eligible.  The IRA Charitable Rollover cannot be used with other retirement plans such as a 401(k), 403(b) or a SEP IRA
  • Transfers cannot be made to Donor-Advised Funds, Charitable Gift Annuities, or other life-income arrangements

Contact your financial advisor to see if the IRA Charitable Rollover is a good option for you. You will need to provide the information below to your IRA administrator.  Please feel free to download a sample request letter.

For gifts designated for the benefit of Catholic Charities (download sample letter):

Catholic Charities Corporation, Tax ID #34-1318541
c/o Catholic Community Foundation
1404 East Ninth Street, 8th Floor
Cleveland, OH 44114-1722

For gifts designated for the benefit of your parish (download sample letter):

You will need to provide your complete parish name, address and TAX ID# to your IRA administrator. Contact Mary Lou Ozimek at 216-696-6525 x4070 to obtain this information for your parish.   

For gifts designated for the benefit of Catholic Education, Priestly Formation, the Heart of a Shepherd campaign, or other ministries of the Diocese (download sample letter):

Catholic Community Foundation, Tax ID #34-1908579
For the benefit of: (please specify designation)
1404 East Ninth Street, 8th Floor
Cleveland, OH 44114-1722 


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