Unique tax incentives ending soon! Here’s what to do. Dismiss Miami | South Florida Donate Listen Live Planned Giving Popular Ways to Give Gifts That Pay You Income Other Smart Ways to Give More Resources A Tax-Saving Way to Help Friends of WLRN See Your Generosity in Action Make a difference today and save on taxes. It’s possible when you support Friends of WLRN through your IRA. A Special Opportunity for Those 70½ 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 Friends of WLRN 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 Friends of WLRN. 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 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. 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’t 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. Take Action! Give From Your IRA. Start Frequently Asked Questions I’M TURNING AGE 70½ IN A FEW MONTHS. CAN I MAKE THIS GIFT NOW? + I HAVE SEVERAL RETIREMENT ACCOUNTS—SOME ARE PENSIONS AND SOME ARE IRAS. DOES IT MATTER WHICH RETIREMENT ACCOUNT I USE? + CAN MY GIFT BE USED AS MY REQUIRED MINIMUM DISTRIBUTION? + DO I NEED TO GIVE MY ENTIRE IRA TO BE ELIGIBLE FOR THE TAX BENEFITS? + WHEN DO I NEED TO MAKE MY GIFT? + I HAVE TWO CHARITIES I WANT TO SUPPORT. CAN I GIVE $100,000 FROM MY IRA TO EACH? + MY SPOUSE AND I WOULD LIKE TO GIVE MORE THAN $100,000. HOW CAN WE DO THAT? + CAN I USE THE TRANSFER TO FUND LIFE-INCOME GIFTS LIKE CHARITABLE REMAINDER TRUSTS OR CHARITABLE GIFT ANNUITIES? + I’VE ALREADY NAMED FRIENDS OF WLRN AS THE BENEFICIARY OF MY IRA. WHAT ARE THE BENEFITS IF I MAKE A GIFT NOW INSTEAD OF AFTER MY LIFETIME? + For Those 59½ Years Old or Older If you’re at least 59½ 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 Friends of WLRN as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website. Tip: It’s 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. Next Steps Use our tool Take Action! Give From Your IRA to connect to your retirement provider. Contact Sheila Reinken at (305) 350-7974 or sreinken@friendsofwlrn.org to discuss using your IRA to support Friends of WLRN and our mission. Seek the advice of your financial or legal advisor. To include Friends of WLRN in your plans, please use our legal name and federal tax ID. Please let us know of your gift (many retirement providers assume no responsibility for letting nonprofits know of your intentions so your goals won’t be honored). Legal name: Friends of WLRN Legal address: 172 NE 15 Street Miami, FL 33132 Federal tax ID number: Please contact us for our federal tax ID number. Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. © 2021 WLRN