If you are 70 ½ or older, consider making a tax-free distribution to The Longbranch Foundation directly from your IRA.
This is a fantastic strategy whether you are itemizing or not because the required minimum distribution (RMD) is not added to your income yielding a better bottom line on your tax return.
HOW IT WORKS
For those age 70 ½ or older, it is possible to donate via distribution directly to The Longbranch Foundation from your Traditional or Roth IRA.
1. The distribution must go directly to The Longbranch Foundation from your IRA. This can be a one time or recurring gift.
2. The distribution is not added to your income and will not be subject to income tax. You avoid the income tax penalty on your distribution.
3.You will need to identify The Longbranch Foundation as a non-profit, tax-exempt charitable organization under Section 501 (c) 3 of the Internal Revenue Code to your IRA holder. (Federal Tax Id 81-1147078) A call or letter to your IRA holder can initiate this transaction. View a sample Transfer Letter.
4. The Longbranch Foundation receives the gift and applies it to the purpose(s) you specified. You may specify to what activity you would like your gift applied by Contact Us directly.
Note: Donors will not be able to claim a charitable income tax deduction, having already benefited from the distribution not being recorded against your income, and hence no income tax being applied. Thus donations via this method will not count toward the deduction limitation for charitable gifts.
The Longbranch Foundation cannot render tax or legal advice. Please consult with your professional financial advisor before making a charitable gift.
The Longbranch Foundation is a non-profit, tax exempt 501(c)(3) charitable organization associated with The Longbranch Improvement Club. Your donation is tax deductible to the extent allowed by law.