Changes to retirement laws for 2023 may affect your saving and your giving!
Learn more information here. What You Need to Know About This Year’s New Laws
Make a difference today and save on taxes. It’s possible when you support Guiding Eyes for the Blind through your IRA.
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Guiding Eyes for the Blind without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at Guiding Eyes. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Guiding Eyes Guide Dog Vereen “Rolls Over”
I’m turning age 70½ in a few months. Can I make this gift now?
No. The legislation requires you to reach age 70½ by the date you make the gift.
I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
Yes. Direct gifts to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to Guiding Eyes for the Blind. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
Can my gift be used as my required minimum distribution?
Yes, absolutely. Beginning in the year you turn 72, you can use your gift to satisfy all or part of your RMD.
Do I need to give my entire IRA to be eligible for the tax benefits?
No. You can give any amount under this provision, as long as it is no more than $100,000 per year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.
When do I need to make my gift?
We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing privileges on your IRA, please mail your check by Dec. 10 in order to give us time to process your gift before the end of the year.
I have two charities I want to support. Can I give $100,000 from my IRA to each?
No. Under the law, you can give a maximum of $100,000 per year. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.
My spouse and I would like to give more than $100,000. How can we do that?
If you have a spouse (as defined by the IRS) who is 70½ or older, they can also give any amount up to $100,000 from their IRA.
Can I use the transfer to fund life-income gifts like charitable remainder trusts or charitable gift annuities?
Unfortunately, the law does not permit using a qualified charitable distribution to establish a charitable gift annuity or a charitable remainder trust.
I’ve already named Guiding Eyes for the Blind as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?
By making a gift this year of any amount up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.
If you’re at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.
No matter your age, you can designate Guiding Eyes for the Blind as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.
Tip: It’s critical to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed. We would love to talk to you about your intentions to ensure that they are followed. We would also like to thank you for your generosity.
Legal name: Guiding Eyes for the Blind, Inc.
Address: 611 Granite Springs Road, Yorktown Heights, New York 10598
Federal tax ID number: 13-1854606
Guiding Eyes for the Blind is approved by the Internal Revenue Service as a 501 (C) (3) tax-exempt organization, and all donations are tax deductible to the extent provided by law. Guiding Eyes for the Blind Federal Identification Number (EIN) is 13-1854606.
© 2023 GUIDING EYES FOR THE BLIND PRIVACY POLICY | ACCESSIBILITY STATEMENT