Use Your IRA
Learn How Your IRA Can Help Us Create Hope for Colorado Cancer Patients
Did you know that you can make a tax-free Qualified Charitable Distribution (QCD) directly from an IRA? With the Protecting Americans from Tax Hikes (PATH) Act of 2015, the QCD rules have finally been made permanent, making it easier to engage in proactive charitable giving strategies that help to minimize the tax bite of an IRA’s Required Minimum Distribution (RMD) obligations. Not all non-profit organizations qualify for QCD. The good news is that Ray of Hope Cancer Foundation (ROHCF) does qualify for contributions! ROHCF has earned Colorado’s trust for 15 years and ensures that more than .85 cents on every dollar directly supports Coloradans with cancer.
The Requirements of QCD
- You must be 70 ½ years of age
- You can give up to $100,000 annually and will count towards your Required Minimum Distribution
- The check must be made payable directly to the charitable entity (though the check payable to the charity can be sent to the IRA owner and forwarded on to the charity)
- Remember to check with your tax adviser to be certain that making an IRA contribution is right for you.
There are two ways that you can use your IRA. You can request a rollover IRA and make ROHCF the beneficiary, or you can request a direct a one-time or multiple contribution(s) to ROHCF. Here are two sample letters that will help you instruct your IRA administrator or financial adviser. Remember to check with a tax consultant about the best strategy for you.
Download a sample IRA Rollover Request letter (Microsoft Word).
Download a sample IRA Request letter (Microsoft Word).