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Outright Gift from an IRA
Outright gifts from an IRA are a tax-wise way to make your gift to Wellesley this year.
Do you wish to make an outright gift to Wellesley?
Are you required to take a minimum distribution, but do not need all this income right now?
Will you be at least 70 1/2 years old at the time you make this gift?
If you answered "yes" to all three questions, thanks to the American Taxpayer Relief Act of 2012, you can make an outright gift of up to $100,000 from your IRA to Wellesley without incurring income tax on your withdrawal. Your IRA gift may fulfill your unsatisfied required minimum distribution. This Charitable IRA Rollover opportunity expires at the end of 2013.
One important note: because the funds transferred from your IRA are not subject to income tax upon withdrawal, there is no charitable deduction allowed. Even so, a close look at the numbers suggests that almost everyone who qualifies is a winner.
Diagnose Your Own Situation
Is the Charitable IRA Rollover right for you?
This is a great opportunity to make a charitable gift without incurring additional income tax.
Are you unable to itemize your deductions for income tax purposes?
By taking advantage of this IRA provision, you can transfer funds directly from your IRA to Wellesley with no income tax liability, thus eliminating the taxes you would otherwise pay.
Is the required Minimum Distribution from your IRA more income than you currently need?
Consider transferring the remaining distribution to Wellesley. Why? You can still meet your Minimum Distribution Requirement by taking only the portion of the distribution you need for income, and then transferring the remainder of the distribution to Wellesley.
Have you made a lot of charitable gifts this year and bumped into the 50% ceiling in your adjusted gross income?
You can now make gifts directly from your IRA that will not be subject to this limitation and won't be taxed as a distribution.
It's easy to make a charitable gift from an IRA account! We've provided you with some form letters that will be helpful to you. Learn more >