Seraj Library Project
Empowering Palestinian Villages, One Library at a Time
A Tax-Saving Way to Help Seraj Library Project - Make a Tax-Free Gift With An IRA
If you are 70½ years old or older, you can take advantage of a simple way to benefit Seraj and receive tax benefits in return. You can give up to $100,000 per year from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money.
Why Consider This Gift?
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.
Your IRA charitable rollover gift can satisfy all or part of your “required minimum distribution.”
Frequently Asked Questions
Q. I'm turning age 70½ in a few months. Can I make this gift now?
A. No. The legislation requires you to reach age 70½ by the date you make the gift.
Q. I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
A. Yes. Direct rollovers to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to Seraj. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
Q. Can my gift be used as my required minimum distribution under the law?
A. Yes, absolutely. If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.
Q. Do I need to give my entire IRA to be eligible for the tax benefits?
A. No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.
Q. I have two charities I want to support. Can I give $10,000 from my IRA to each?
A. Yes. Under the law, you can give a maximum of $100,000. For example, you can give two organizations $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.
It is wise to consult with your tax professionals if you are contemplating a charitable gift under the extended law.
Numerous persons have made major gifts to Seraj. Major Gifts (> $4,000) represent a significant portion of the total funds given to Seraj. We invite you to join these generous donors.
Gifts of Stock - we have Vanguard account and a relationship with a Broker who can arrange for the gift.
Trusts and Estates. Donors will sometimes give Seraj funds from a Trust or Estate.
We'll be glad to talk with you about your situation. Call John Cassel, our Treasurer, at 630.606.5671.
Seraj Library Project