IRA Charitable Rollover

Funds must transfer directly from your IRA custodian to the “Archdiocese of Chicago, 835 North Street, Chicago, IL 60611” in order to avoid a taxable event. You may designate your gift to St. Joseph Parish or School, the Archdiocese, the Annual Catholic Appeal, or another ministry.

It is important to notify us if you have requested a charitable distribution to St. Joseph Parish. Please let us know the following information:

• Name and contact information of IRA Plan Administrator
• Dollar ($) amount of transfer
• Where you would like your gift directed (for example, scholarship/endowment support or a specific ministry)

A recap of the IRA charitable rollover rules:

• If you are 70½ or older, you may give up to $100,000 directly from your IRA to charities such as the Archdiocese.
• This opportunity applies to both Traditional and ROTH IRAs; charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible.
• You must distribute the gift amount directly from your IRA. It is important that you do not withdraw the funds prior to making your gift.
• The distribution counts towards your required minimum distribution (RMD) for the current tax year and may help reduce your Adjusted Gross Income (AGI).
• You pay no income tax on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your tax deductions.
• If you are interested in this unique opportunity to help the Parish, or if you have any questions, please contact our Director of Administration at the Rectory or via email at info@stjoseph-libertyville.org.