If you are over 70 ½, you are required to take distributions from an IRA. Instead of creating a taxable event for yourself, make the distribution a charitable gift using all or a portion of your mandatory withdrawal amount (up to $100,000 total, per person).
As long as the distribution is paid directly to the Catholic Schools Foundation from your IRA administrator, the amount will not be counted in your taxable income for the year, which may result in tax savings for you!
How to Make a Contribution through your IRA:
– Contact your financial adviser today and request that a “Qualified Charitable Distribution” be made directly to: Catholic Schools Foundation, Inc., 67 Batterymarch Street, 6th floor, Boston MA 02110. The Catholic Schools Foundation is an independent 501(c)(3), our EIN number is: 22-2485502
Make sure that your gift is identified with your name, address, and intention to use it as a 2019 IRA Qualified Charitable Distribution.
Speak to your tax or financial advisor today for more information!