IRA Charitable Rollover

One of the most attractive aspects of the IRA charitable rollover is that the rollover amount counts toward the donor’s Required Minimum Distribution (RMD). The penalty tax for individuals who do not take their RMD is 50%, making it one of the highest tax penalties. Some individuals choose to avoid this penalty risk by taking their RMD as soon as they know how much they need to take out, and others, who do not need the money, wait until the end of the year, letting their RMD grow tax-free in their IRA account. Consequently we are receiving IRA charitable rollover distributions throughout the year.

How IRA Charitable Rollovers Work


Individuals who are age 70 ½ or older may direct gifts from their IRA account administrator to North Shore Medical Center in any amount up to $100,000 in any tax year. This amount is excluded from your adjusted gross income, which makes it tax free. For this reason IRA assets are increasing in their popularity.

North Shore Medical Center can provide you with a sample letter and instructions to share with your IRA account administrator. If you would like to learn more or receive this letter, please contact Mike Davenport, Director of Planned Giving at 978-825-6306 or by email.

All IRA charitable distribution donors are recognized as members of the North Shore Medical Center 1874 Charter Society