IRA Tax Exempt Rollover
Did you know that if you are age 70½ or over, the Internal Revenue Service allows individual retirement account (IRA) owners to transfer up to $100,000 to charity tax-free each year? Plus, if you are at least 73 years old, your qualified charitable distribution (QCD) counts toward your required minimum distribution (RMD) for the year.
An IRA transfer to the San Francisco General Hospital Foundation will help save lives and is a great way to reduce your future tax burden.
Frequently Asked Questions:
What’s the general parameter?
The qualified charitable distribution (QCD) must be made directly by the trustee of the IRA to the charity. An IRA distribution, such as an electronic payment made directly to the IRA owner, does not count as a QCD. Likewise, a check made payable to the IRA owner is not a QCD.
Who qualifies?
Individuals who are 70 1/2 or older.
What accounts can I transfer from?
Your gift must come directly from your IRA – either Roth or Traditional. This opportunity does not apply to other retirement plans.
How much can I transfer?
Any amount up to $100,000 per year.
Which organizations qualify to receive IRA rollovers?
Organizations like the San Francisco General Hospital Foundation that are tax exempt and classified as a 501(c)(3) organization.
How do I make an IRA Charitable Rollover?
Contact your IRA provider to make your gift to the San Francisco General Hospital Foundation directly. You may need to provide them with our Tax ID number which is 94-3189424. Please make sure to contact the San Francisco General Hospital Foundation once you make your gift through your IRA provider, as some do not list the donor’s name along with the check.
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