The ability to make tax-free gifts from IRAs has been restored for calendar year 2014. If you are 70½ or older, the newly enacted federal legislation enables you to make a donation to the Hearing and Speech Center from your IRA.
The withdrawal will not be included in your taxable income and can be applied toward your annual Required Minimum Distribution (RMD).
The IRA Charitable Rollover is attractive for donors who:
- do not need income from their RMD
- do not itemize or have reached the annual limit on tax deductions
- donors must be 70½ and older when the gift is made
- a donor can make IRA gifts up to a total of $100,000
- the transfer must be made directly from the IRA administrator, e.g., Vanguard, TIAA-CREF, Fidelity
- transfers cannot be made to gift annuities, CRTs, donor advised funds, or private foundations
The Hearing and Speech Center’s Tax ID Number is 94-1322198 and our mailing address is Hearing and Speech Center of Northern California, 1234 Divisadero Street, San Francisco, CA 94115.
See our 2014 IRA Donation Flyer for a sample letter to send to your financial institution.