Daniel was a retired businessman who volunteered for our organization. When we decided to add a new program, he was excited to help in a significant way.
Daniel: I really wanted to make a larger gift than normal, but I had questions about the best way to fund my gift. I was also concerned about conserving my cash resources for the future.
Daniel learned about the possibility of using his IRA to make a gift for this program. Because Daniel was already over 70 ½, he could take advantage of the IRA rollover option this year and make the gift to us directly from his IRA.
Daniel: I knew that I didn't really need all the income from my IRA this year. I had enough income from sales of my investments to cover my living expenses.
Daniel decided to rollover $50,000 from his IRA to our organization. He was able to continue to make his normal charitable contributions in addition to the IRA gift without exceeding Federal limits.
Daniel: I was thrilled to discover that I could transfer money from my IRA to charity without paying any federal income tax. The fact that my gift qualified for my required minimum distribution amount was an added bonus!
*Please note: The name and image above is representative of a typical donor and may or may not be an actual donor to our organization.