A tax saving way to support Shriners Hospital for Children - Portland
by Kathy Park, Director of Development - Shriners Hospitals for Children – Portland
We at Shriners Hospitals for Children – Portland are thankful for the support we have received over many decades from Al Kader temple as well as the individual personal support from many Nobles. Given your wonderful past support, I wanted to share with you that there is tax saving way for you individually to support the hospital through taking advantage of a Charitable IRA Rollover.
If you are 70½ years old or older, you can take advantage of a simple way to benefit Shriners Hospitals for Children – Portland and receive tax benefits in return. You can give up to $100,000 per year from your Individual Retirement Account (IRA) directly to a qualified charity such as ours without having to pay income taxes on the money. This law no longer has an expiration date so you are free to make annual gifts to our organization this year and well into the future.
Why Consider This Gift?
Your gift will be put to use today, allowing you to see the difference your donation is making. 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. If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
Here is How this Works
If you are 70 ½ years or older, you are required to receive an annual distribution (the required minimum distribution) from your IRA accounts. These distributions are included in your adjusted gross income and are subject to taxation. The Charitable IRA Rollover permits taxpayers to make donations directly to charitable organizations from their IRA without including the distribution in their adjusted gross income. This lessens your annual tax bill by lessening your income.
Distributions from a qualified IRA must be made directly by the IRA’s administrator or trustee to a qualified charity (Shriners Hospitals for Children - Portland) or the funds will become a taxable distribution for you.
Here is what you will need to do:
1. Send a written request to your IRA administrator explaining your interest in giving this IRA distribution to the Shriners Hospital for Children - Portland. Inform the IRA administrator to send the check to Shriners Hospital for Children - Portland and not to you; otherwise, you will have to claim it as income. Please call me at (971) 544-3334 and I will get you the suggested format for the letter.
2. Please tell your IRA administrator to include whom the payment is from and your contact information, otherwise we may not know the distribution is from you. Too often, we receive checks from an IRA account with Vanguard, Fidelity, Schwab, etc. without any donor name and it is put into a general gift account.
3. The charity must send a written acknowledgment back to you along with receipt for your records.
4. If you would like to direct your gift in a specific way, please let the Development department at Shriners – Portland know of your intent so we can ensure it is designated as you wish.
As with all financial decisions, we strongly advise you to speak with your IRA Administrator and your financial advisor to determine if this option is right for you.
For a sample form to supply to your financial advisor, or if you have questions about this opportunity, please call the development office at Shriners hospital:
Kathy Park, Director of Development, (971) 544-3334
Devereaux Dion, Associate. Director of Development (971) 282-4605
