On December 18, 2015, Congress voted to make the IRA Charitable Rollover benefit permanent. This legislation includes a provision allowing direct gifts from individual retirement accounts (IRAs) to the charity.
If you are required to take a minimum distribution (RMD) from your IRA, you have the option to make that distribution (up to $100,000) tax free by directing it to ARCS Oregon. You must:
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Have your 2016 RMD made payable directly to ARCS Foundation Oregon and mail to ARCS Foundation Oregon, PO Box 2063, Portland, OR 97208-2063
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Designate it as a qualified charitable distribution on your tax return
You will have satisfied your distribution requirement, and you won't have to pay income taxes on that money. Be aware that you can't also claim the qualified distribution as a charitable tax deduction—the amount is simply excluded from your taxable income.
You should consider consulting with a financial or tax advisor to determine how best to achieve your wealth and charitable planning objectives. Click HERE for further information.
Consider making an IRA Charitable Rollover gift to ARCS Foundation Oregon to support an ARCS Scholar.
Click HERE to see donor opportunities. Contact us at oregon@arcsfoundation.org.