少女福利

Make a difference today and save on taxes. It鈥檚 possible when you support Saint Michael鈥檚 College through your IRA.

A Special Opportunity for Those 70陆 Years Old and Older

You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Saint Michael鈥檚 College without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at Saint Michael’s College. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

Why Consider This Gift?

• Your gift will be put to use today, allowing you to see the difference your donation is making.
• Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
• 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.
• Since the gift doesn鈥檛 count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

Frequently Asked Questions

Q. I鈥檓 turning age 70陆 in a few months. Can I make this gift now?
础.听No. You must be 70陆 by the date you make the gift.

Q. I have several retirement accounts鈥攕ome are pensions and some are IRAs. Does it matter which retirement account I use?
础.听Yes. Direct gifts to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to Saint Michael鈥檚 College. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

Q. Can my gift be used as my required minimum distribution?
础.听Yes, absolutely. Beginning in the year you turn 73, you can use your gift to satisfy all or part of your RMD.

Q. Do I need to give my entire IRA to be eligible for the tax benefits?
础.听No. You can give any amount under this provision, as long as it is no more than $100,000 per year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.

Q. When do I need to make my gift?
础.听We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing features on your IRA, please be aware that your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.

Q. I have two charities I want to support. Can I give $100,000 from my IRA to each?
础.听No. Under the law, you can give a maximum of $100,000 per year. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.

Q. My spouse and I would like to give more than $100,000. How can we do that?
础.听If you have a spouse (as defined by the IRS) who is 70陆 or older, they can also give any amount up to $100,000 from their IRA.

Q. Can I use the transfer to fund life-income gifts like charitable remainder trusts or charitable gift annuities?
础.听Yes! If you are 70陆 or older, you may now make a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed) from your IRA to fund a life-income gift. Some limitations apply, so contact us for more details and a personalized illustration at no obligation.

Q. I鈥檝e already named Saint Michael鈥檚 College as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?
础.听By making a gift this year of any amount up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.

For Those 59陆 Years Old or Older

If you鈥檙e at least 59陆 years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.

At Any Age

No matter your age, you can designate Saint Michael鈥檚 College as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It鈥檚 simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider鈥檚 website.

罢颈辫:听It鈥檚 critical to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed. We would love to talk to you about your intentions to ensure that they are followed. We would also like to thank you for your generosity.