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Plan ahead and save on taxes!Image result for tax

If you’re 70-1/2 or older, you’re required to take a minimum distribution from your IRA each year. It will be counted as part of your adjusted gross income and subject to income tax.
 

But there’s a tax-free exception you should know about.

 
You can make a charitable contribution directly from your IRA account to The Transition Network without paying any federal income tax on the withdrawal — and the contribution may help you save on state and local income taxes as well.
 
Your donation counts towards your minimum required IRA distribution but isn't included in your adjusted gross income. So your donation will enable you to reduce your federal income tax regardless of whether you itemize your deductions; you don't deduct this type of charitable donation on your tax return. Also since your adjusted gross income will be lower, it's possible that less of your Social Security benefits will be taxable and that you might avoid the Medicare high-income surcharge.

It’s a wonderful way to do something meaningful for an organization that enriches your life — and reap tax-wise benefits at the same time.


We’ll be pleased to thank you publicly, on behalf of the women of TTN, for leading the way.


 

You qualify for this benefit if:

  • You’re over the age of 70½ on the date of the distribution, and
  • You make the charitable contribution directly from your IRA, and
  • Your total contributions to charities from you IRA in the calendar year don’t exceed $100,000, and
  • You receive no economic benefit from TTN in exchange for the gift.
Give directly from your IRA to TTN and you’ll not only save on taxes,  you’ll provide important support to grow the TTN programs and activities you enjoy so much.

It’s a simple two-step process:

  • First, contact the holder of your IRA.   Explain that you want part of your IRA paid directly to TTN, and request the required form.  Some kinds of IRAs (such as Roth IRAs) and distributions (such as after-tax contributions you made to your IRS) are exceptions so be sure yours qualifies.  Please check with your financial advisor or visit the IRS website: www.irs.gov.  Please allow enough time for TTN to receive the check by December 31st (or by April 1st following the year you turn 70½); this can take a month or longer.  Our address is One Penn Plaza Suite 6166 New York, NY  10119.
  • Second, alert TTN that you’re making the gift.  We’ll provide you with a letter acknowledging the date and amount, and specifying that it came from your IRA.  Just call 347-735-6035 or email us at info@thetransitionnetwork.org.  We will be happy to assist you with any questions on the process.
Why pay federal taxes on your IRA withdrawals when you can contribute all or part to support everything you enjoy about TNN?  
 

Doing well by doing good — what could be more meaningful?