One couple that has chosen to give through their IRA is AHA parents and grandparents of alumni Jerry and Kathy Hayes Meyer ’53.
“Making our donations through our IRA has turned out to be an easy, cost effective way for us to support the places that matter most to us. We decided that if we can help places like Holy Angels now, and we personally don’t need the funds, we should give it to them now. Plus it decreases our taxes. The IRA distribution has allowed us to make larger gifts.”
Make a Gift to AHA through your IRA
- For those 70 1/2 and older, you can make a difference in the lives of AHA students today AND save on your taxes. It’s possible when you donate to Holy Angels through your individual retirement account (IRA).
- You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Holy Angels without having to pay income taxes on the money.
- This popular gift option is referred to as a qualified charitable distribution (QCD), or an IRA charitable rollover.
Why Consider A Gift through your IRA?
- Your gift will be put to use today, allowing you to see the difference your donation is making in the lives of current students.
- Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
- You pay no income taxes on the gift. IRA qualified charitable distributions are excluded from gross income for federal income tax purposes on your IRS Form 1040.
What are the Requirements for a Gift through your IRA?
- You must be 70½ or older at the time of the gift
- Distributions must be made directly from a traditional IRA account by your IRA administrator.
- Gifts must be outright, meaning they go directly to the Academy of Holy Angels. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.
- Gifts from 401(k), 403(b), SEP and other plans do not qualify. As your financial advisor if it would make sense for you to create a traditional IRA account so you can benefit from an IRA Qualified Charitable Distribution.
What are my next steps?
- Talk to your tax advisor to see if a donation from your IRA is right for you.
- Contact your IRA plan administrator and request a qualified charitable distribution from your account to the Academy of Holy Angels. Often, a request form is available through your plan administrator’s website.