70½ or Older?
USE THE IRA QUALIFIED CHARITABLE DISTRIBUTION (QCD) AND SEE YOUR GENEROSITY IN ACTION
If you are 70½ years old or older, you can take advantage of a simple way to benefit Admiral Farragut Academy and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity like Farragut without having to pay income taxes on the money –this includes your required minimum distribution.
WHY CONSIDER THIS GIFT?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- If you have not yet taken your required minimum distribution for the year, your IRA charitable distribution gift can satisfy all or part of that requirement.
- The IRA trustee or custodian must make the distribution directly to Admiral Farragut Academy. Distributions made payable directly to the IRA owner and transferred to Farragut do not quality.
AT ANY AGE
No matter your age, you can designate Admiral Farragut Academy as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just contact your IRA administrator for a change-of-beneficiary form or download the form from your provider’s website. It’s important to let us know of your gift because many popular retirement plan administrators assume no obligation to notify us of your designation.
Seek the advice of your financial or legal advisor then contact Farragut Chief Development Officer, Tony Sloan, at 727-343-3678 or firstname.lastname@example.org to discuss using your IRA to support Farragut and our mission.