You can support AJC and receive tax benefits with a gift from your Individual Retirement Account (IRA)
You can benefit from making charitable contributions to AJC directly from your IRA. The IRA Charitable Rollover provision allows you to transfer up to $105,000 annually (2024 amount) from an IRA directly to qualified charities without being taxed on the income.
Benefitting from the Qualified Charitable Distribution (QCD)
Donors age 70½ may make a QCD directly from your IRA to AJC.
Beginning in the year you turn age 73, the QCD can be used to satisfy some or all of your Required Minimum Distribution (RMD),
The entire amount of your gift goes to AJC and you pay no income tax on the money. You can use a QCD to make new gifts or to pay pledges to AJC.
QCDs don't qualify as a charitable income tax deduction, so using your IRA is an attractive option for if you don’t itemize their you income tax deductions and use the standard deduction on your their tax returns.
Please do not wait until the end of the year to arrange for a distribution. IRA plan administrators may take several weeks to complete the transfer and you want to make sure your gift is received by AJC no later than December 31st.
This sample letter can be used to send to your IRA plan administrator.
New as of 2023, you may use a QCD from your IRA to create a Charitable Gift Annuity with AJC that will pay you income for life.
You Can Also Use Your IRA to Create a Legacy Gift for AJC
When you designate AJC as a beneficiary of your IRA your gift will pass tax-free to AJC after your lifetime.
The information on this site is provided for instructional purposes only and should not be viewed as tax, legal or financial advice. Information is current as of September 9, 2024. Because tax laws change and state laws may differ, we highly recommend that you consult with your professional tax, legal and financial advisors about your personal situation and how you can make a planned gift that is most beneficial for your specific needs, goals, and circumstances.
