GIFTS FROM AN IRA

(Qualified Charitable Distribution)

Donors who are age 70 ½ or older might consider making a gift directly from a traditional IRA or Roth IRA account to RSF. The gift is excluded from income but still may qualify as the Required Minimum Distribution (RMD) for the year. A donor can donate up to $100,000 each year.

 

The Charitable IRA Rollover, also known as a qualified charitable distribution (QCD) has the following benefits

 

• Gifts can satisfy your RMD without increasing your income taxes.

• You will not pay taxes on your IRA withdrawal when gifted to RSF.

 

Donors should consult with their brokers or investment advisors regarding the mechanics of transferring stock from an IRA to RSF.  Please also notify the Treasurer of RSF who can help facilitate the transfer. The Treasurer can be reached at jaautrey@gmail.com. Donors who make distributions directly to a charity by writing a check on their IRA account should provide notification to their investment fund to ensure that the contribution is taken into account in year-end tax reporting.

 

The foregoing is a general discussion of charitable giving strategies and not intended as tax advice.  Donors should consult with their own tax advisors regarding the impact of various charitable giving strategies on their specific tax and financial planning objectives.

 

Rossmoor Scholarship Foundation is a nonprofit public benefit corporation exempt from tax under IRC section 501(c)(3).  Its federal tax identification number is 94-6126368. The address of the Foundation is P.O. Box 2056, Walnut Creek, CA 94595.

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