Making a Gift of an IRA Distribution

If you are age 70 ½ or older you can contribute up to $100,000 from your IRA directly to us and avoid paying income taxes on the distribution. This is known as a qualified charitable distribution.

You can exclude up to $100,000 of this gift from your federal gross income — resulting in lower taxable income and possible tax savings (A $200,000 exclusion may apply for taxpayers who are married and filing a joint return).

Tip: This tax savings is especially valuable to donors who are non-itemizers and donors who have reached their limit on itemized charitable deductions.

This Fidelity link here has a good example detailing these benefits. The IRS link found here explains how to file to realize the tax benefits.

Making us the beneficiary of your IRA or other retirement assets is typically straightforward: Fill out a designated beneficiary form (click here for a generic version) designating us as the beneficiary for the amount of the gift you wish to give.

This is a very effective way to reduce your taxes if your age (72 years old or older, or if you turned 70 ½ before January 1, 2020) requires you to make a Required Minimum Distribution by the end of this year. Click here and here to read two articles with more detailed information.

Please email us at dorisdillonschool@gmail.com if you wish to make a gift and we will provide the needed info to make your donation.