Most people look to cash to make a charitable gift. But the truth is, your IRA can be every bit as powerful as a cash gift.
If you are 70 ½ or older, you can elect to transfer up to $100,000 a year out of your IRA to PLF. The transfer must be made directly to PLF from your IRA custodian. The amount transferred counts toward your required minimum distribution (RMD).
To make the transfer, contact your IRA custodian and tell them you would like to make a “Qualified Charitable Distribution (QCD)” to Pacific Legal Foundation, 555 Capitol Mall, Suite 1290 Sacramento, CA 95814.
PLF’s tax ID number is: 94-2197343.
This type of gift is right for:
- Those over age 70 ½ who don’t use their IRA for their income needs.
- Those who don’t itemize their taxes and would not otherwise obtain a tax benefit for making a charitable gift.
- Those who want to make charitable gifts in excess of their adjusted gross income limitations.
What are the benefits?
- The amount transferred is not reportable income, so you will pay less taxes.
- An efficient, tax-wise way of supporting your favorite causes.
Have questions? Need assistance?
Contact Gift Planning Officer Jim Katzinski at jkatzinski@pacificlegal.org or 916-288-1395.