Sustain Your Jewish Community with a Tax-Free IRA Gift to Jewish Federation

 

 

As the calendar year comes to a close, you may be eligible to make a tax-free gift from your Individual Retirement Account (IRA) to Jewish Federation of Greater Orange County. Partner with us to create a strong, secure, and thriving Jewish community here in Orange County, in Israel, and around the world.

 

Individuals age 70 1/2 and older can make direct transfers totaling up to $100,000 per year from their IRAs to Jewish Federation of Greater Orange County without tax implications.

 

Benefits of an IRA Charitable Rollover

  •  Avoid paying taxes on your IRA withdrawal when gifted directly to Jewish Federation.
  •  Satisfy your required minimum distribution (RMD) without increasing your income taxes.
  •  Designate your gift to a specific area of interest at Jewish Federation or to a Jewish Federation endowment.


Requirements for an IRA Charitable Rollover

  •  You must be at least 70 1/2 at the time of distribution.
  •  Maximum distribution is $100,000 total each year, per individual. In order to receive the tax benefits in a particular calendar year, make your gift to Jewish Federation of Greater Orange County by December 31.
  •  Other tax-deferred retirement plans, such as a 401(k) or 403(b), do not qualify; however, you may be able to roll such a plan into an IRA and then make a charitable rollover gift to Jewish Federation.


How to make your gift

  •  Contact your IRA plan administrator for their specific transmittal form or download this sample qualified charitable distribution letter to request a gift transfer from your IRA to Jewish Federation.
  •  On the form, specify the amount to be transferred to the Jewish Federation.
  •  Include Jewish Federation of Greater Orange County's Tax ID number: 14-1584342
  •  Checks from your IRA should be made payable to:
    The Jewish Federation of Greater Orange County
    292 North Street
    Newburgh, NY 12550

     

To discuss this and other charitable gift planning options, please contact Rabbi Rachel Rubenstein at (845)562-7860 or rachel@jewishorangeny.org.

 

Jewish Federation of Greater Orange County does not provide legal or tax advice. Before proceeding, we encourage you to consult your legal or tax professional to discuss your particular situation.