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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 this 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.

 
That means you can make a charitable contribution directly from your IRA account to The Transition Network without paying any income tax on the withdrawal — and the contribution will help you save, not only on your federal taxes, but on state and local income taxes as well.
 
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, and
  • You make the charitable contribution directly from your IRA, and
  • Your total contributions to TTN for 2016 don’t exceed $100,000, and
  • You receive no economic benefit in exchange for the gift.
Give directly from your IRA to TTN and you’ll not only earn a tax-free distribution,  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 moved directly to TTN, and request the required form.  (Some kinds of IRAs are exceptions, so be sure yours qualifies, please check with your financial advisor or visit the "Tax-Free Transfers to Charity" page on the IRS website: www.irs.gov.)
  • Then, 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 or write Susan Collins at 347-735-6035 or susan.collins@thetransitionnetwork.org.  Susan will be happy to assist you with any questions on the process, and provide you with the required acknowledgement of your gift.
Why pay taxes on your IRA withdrawals when you can contribute all or part — tax-free — to support everything you enjoy about TNN?  
 

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