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Make a Tax-Free Gift From Your IRA

great news for donors who have to take a mandatory IRA distribution

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.  On December 20, 2019, new tax legislation was enacted, the Setting Every Community Up for Retirement Enhancement Act of 2019, known as "SECURE."

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 Foundation Oregon. 

  • The SECURE Act increases the required minimum distribution age from 70-1/2 to 72. This change would be effective for required minimum distributions for individuals who attain age 70-1/2 after December 31, 2019.
  • Maximum amount eligible for this transfer is $100,000 per taxpayer per taxable year.
  • The distribution must be paid directly to ARCS Foundation Oregon. This means that you must never receive the funds.
  • The Chapter will provide you with written verification of the contribution, which must state that you did not receive anything of value in return for your contribution.
  • A qualified charitable distribution can be counted as all or a portion of your required minimum IRA distribution.
  • Have your RMD made payable directly to ARCS Foundation Oregon and mail to ARCS Foundation Oregon, PO Box 2063, Portland, OR 97208-2063
  • 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. 

Consider making an IRA Charitable Rollover gift to ARCS Foundation Oregon to support an ARCS Scholar.

Contact us at oregon@arcsfoundation.org.

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