A gift of stocks or bonds can be a great way to help feed hungry families in our community, save on taxes, and receive a charitable deduction. If you’re interested in making a stock donation to the Greater Cleveland Food Bank, please contact Kerri Peterson-Davis, Donor Relations Officer, for stock transfer instructions via email or by phone at 216.738.2137.
Qualified Charitable Distributions or Charitable IRA Rollover
If you are 70 ½ years old or older, you can take advantage of a simple way to support the Greater Cleveland Food Bank and receive tax benefits in return. You can donate up to $100,000 from your IRA directly to a qualified charity such as the Food Bank without having to pay income taxes on the money.
This law no longer has an expiration date so you are free to make annual gifts to the Food Bank this year and well into the future.
Why Consider a Charitable IRA Rollover?
- Your gift will be put to use today, allowing you to see the difference your donation is making in the community
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
*This information is not professional tax or legal advice. Please consult an advisor about your specific situation.