Charitable Distribution from an IRA
Many donors have found a direct transfer of funds from their IRA to be a great way to have an immediate impact on ending childhood hunger. Here’s how it works:
- You must be 70 ½ or older.
- An individual may transfer up to a total of $100,000 per year and a married couple may give up to $200,000.
- To support Share Our Strength’s mission and the No Kid Hungry campaign, your gift must be transferred directly from the IRA account to Share Our Strength.
- Your gift does not create taxable income for you and does not require a charitable tax deduction.
- If you are 72 and older, the transfer of funds can count towards your annual Required Minimum Distribution* from your IRA.
If you are interested in this popular way to support No Kid Hungry, download a sample letter for your IRA administrator here.
* Congress has waived the annual Required Minimum Distribution from IRA Accounts in the year 2020 as part of the CARES Act in response to COVID-19. Please consider seeking advice from your financial advisor or tax professional to understand how recent changes to laws governing retirement plans may impact you and your charitable gift.
Due to recent changes in the laws governing retirement plans, please seek advice from your financial advisor regarding the tax implications of your gift, particularly if you plan to continue to contribute to your IRA after age 70 ½. Your gift may not qualify for these tax benefits.
A Gift of Property
You may wish to transfer ownership of your property (real estate, works of art, and so on) and receive a receipt for tax purposes. In addition, gifts of residual interest may be considered in which you may retain the use of the property during your lifetime. Benefits include:
- Immediate tax savings.
- Continued use of your property for life.
- Satisfaction of knowing Share Our Strength and the No Kid Hungry campaign will have the benefit of your gift in the future.
- Your gift passes to Share Our Strength outside of the estate process.
A gift of cash is simple and eligible for an immediate charitable tax credit.
An easy way to give funds you have set aside for charitable causes like Share Our Strength and the No Kid Hungry campaign is to transfer funds from your donor-advised fund.Learn more and find a helpful link to initiate a transfer here.
If you have any questions, please email Donna at email@example.com. Thank you for your support.