IRA Distributions: Caring for the Community in Retirement
CURRENT TAX LAWS make it easy for you to support our HSC Foundation through a traditional or Roth IRA. If you are 70 ½ or older (traditional IRA) or 59 ½ (Roth IRA), you can leverage your IRA to make tax-free contributions—up to $100,000 per year. Simply direct distribution in the amount you choose to the HSC Foundation, which will not be subject to income tax. And the distribution can be set as either a one-time or recurring gift.
This is a great solution if you do not need the additional income from your required minimum distributions, you want to give more than the deductible limit, or you live in a state with no charitable income tax deduction.
Not only do you avoid paying income tax on this distribution, but you also have the satisfaction of knowing that you have made a lasting contribution to our community. If you are under 70 ½ years old, you can still use your IRA by making a withdrawal and donating a charitable contribution after taxes.
This is a great solution if you do not need the additional income from your required minimum distributions, you want to give more than the deductible limit, or you live in a state with no charitable income tax deduction.
Not only do you avoid paying income tax on this distribution, but you also have the satisfaction of knowing that you have made a lasting contribution to our community. If you are under 70 ½ years old, you can still use your IRA by making a withdrawal and donating a charitable contribution after taxes.
For more details, please consult your professional financial advisor.