Give to Clark College, save on taxes
The IRA charitable rollover is now permanent given President Obama’s signature on the tax bill on December 18, 2015. If you are age 70½ or older, and not in need of your required minimum distribution, you can give from your IRA – up to $100,000 – and make a year-end gift to Clark College. However, you have to act by December 31, 2015.
Some—or even all—of that income could be offset by the income tax deduction you receive from Clark College Foundation.
What you can do:
- Your IRA administrator will need to make the transfer directly to Clark College Foundation. Your name and IRA distribution should be included on the memo lines of the check.
- Distributions can be made only from a traditional or Roth IRA
- If you are 70 ½ or older, this gift could count toward your annual required minimum distribution.
- There is no charitable deduction, but the amount transferred to Clark College Foundation will be excluded from your adjusted gross income.
If this type of giving appeals to you, please call your IRA administrator today. Each investment company will likely use a different form and process.
Keep in mind that submitting a distribution request should only be done when you are committed to making a gift.
If you make a distribution, please contact us today so we can provide you with the necessary receipting and be sure the gift is directed to the program area of your choice.
Thanks for considering a gift from your IRA and Happy Holidays!
We’ve been using the QCD (Qualified Charitable Distribution) for the past 3 years. Using it will reduce your gross income and this can reduce the federal income tax on your Social Security income. Also good if you don’t itemize but take the standard deduction.