It is our pleasure to share some good news with you! If you or any family members have reached the age of 70½ years—thus requiring you to make distributions from your individual retirement accounts (IRAs)—there may be additional ways to maximize your charitable contributions while saving on your taxes.
2016 marks the permanent reinstatement of the law that allows for direct transfers from an IRA to qualified nonprofits without treating the distribution as taxable income.
There are a variety of ways that this can equate to a win-win for donors and charities alike. In some cases, a direct transfer can lower one’s adjusted gross income and provide additional tax savings. In fact, one long-time Centrum supporter recently told us that by minimizing her tax burden in this way she could afford to increase her annual donation to Centrum!
Your tax advisor can explain all of this relative to your own personal financial position. And should you wish to make a direct transfer from your IRA to Centrum, Director of Advancement Beth Bradley stands ready to respond to your call or email at (360) 385-3102, extension 132, firstname.lastname@example.org.
Regardless of the charity-of-your-choosing—and we would be honored if you would select Centrum—we hope that this post is helpful to you in maximizing your fiscal and philanthropic goals. Thank you!