Yes, if you are over 70 ½ years of age, you can make a gift (Qualified Charitable Distribution) through your IRA and receive a tax benefit for yourself. Normally, when you take a distribution from your IRA, it is counted as taxable income. By rolling over your gift directly to a qualified charity like St. Mary’s School, you can enjoy the satisfaction of making a meaningful and impactful gift; at the same time, you lower your tax burden because that distribution is not counted as income. Individuals age 70½ and older can make direct transfers of up to $100,000 per year from individual retirement accounts to a qualified nonprofit without having to count the transfers as income for federal tax purposes.
To make a gift through your IRA, contact your IRA administrator and instruct them to transfer funds to St. Mary's School (93-0514209). Please also email firstname.lastname@example.org
so we can be on the lookout for your gift.