A Tax-Free Gift to the Franciscans
Are you 70½ or older? You Can Use Your IRA To Make A Tax-free Gift to the Franciscans
If you’re 70½ or older you can make a tax-free IRA gift to the Franciscans during 2013.
The American Taxpayer Relief Act of 2012 (ATRA) restored the ability of donors to make tax-free transfers of IRA distributions up to $100,000 to good causes like the work of the Franciscans during 2013. This giving option has been available since 2006.
The transfer has the consequences of a 100% charitable deduction. Donors cannot list their IRA gift as a charitable deduction on their income tax return, but they have made a non-taxable IRA withdrawal that would otherwise have been vulnerable to income tax.
Donors must take care that:
1. The IRA owner is 70½ or older
2. The transfer is no more than $100,000 for the year
3. The transfer is made directly from the IRA custodian to Franciscan Friars
4. The IRA rollover to the Franciscans is completed by December 31, 2013
Talk with you tax adviser about the charitable IRA rollover option.
Here is a sample letter of instruction to your IRA Custodian:
Dear IRA Custodian,
The American Taxpayer Relief Act of 2012 (ATRA) permits a rollover directly from an IRA to a qualified public charity during 2013. As the owner of IRA account # ____________ that is in the custody of your organization, I request that you transfer from that account the sum of $____________ to the Province of St John the Baptist, Order if Friars Minor (legal title) a non-profit organization located in Cincinnati, Ohio Tax Identification Number: 31-6064103. It is my intention to make a Qualified Charitable Distribution (QCD) to the Franciscan friars from my IRA, which may fulfill part or all of my IRA required minimum distribution for this year.
This letter is sufficient authorization for you to make this QCD gift. However, if you require any further documents, please promptly e-mail those to me.
Please make the check out to the Franciscan Friars and mail it to:
Franciscan Friars
Colleen Cushard
1615 Vine St
Cincinnati, OH 45202
Cordially yours,
IRA Owner
Colleen Cushard
Please contact Friars Work Co-Director Colleen Cushard for more information. You can reach her at 513-721-4700 or ccushard@franciscan.org
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