As part of your estate plan, the gift offers significant tax savings

If you are 70 1/2 or older, you can make gifts directly from your Individual Retirement Account (IRA) to The Bridge to Hope without paying federal income tax on the withdrawal.  You must request from the IRA plan custodian a direct transfer of funds to The Bridge to Hope for the gift to be tax-free.

The gift can also be transferred from your IRA  custodian directly to The Bridge to Hope account at Charles Schwab.

The Bridge to Hope tax ID #45-4352239

Please call B2H at 602-589-5556 for further information.

Here are answers to some other questions related to donating retirement assets:

Q. Can a Required Minimum Distribution (RMD) from a 401(k) plan be paid directly to B2H?

A. Virtually any money that resides in a retirement account requires some extra steps to donate your Required Minimum Distributions (RMDs).

The only account types that are eligible for the Qualified Charitable Distribution (QCD) are from IRAs, Inherited IRAs, SEP IRAs and SIMPLE IRAs (the latter two only if in inactive plans).

If you are taking Required Minimum Distributions from a 401(k) beginning at age 70 1/2 and want to contribute to The Bridge to Hope and also save on taxes, you will need to first roll over your 401(k) to an IRA. This will often keep you from a higher tax bracket and may qualify you for certain tax credits and deductions. You should consult with your tax advisor regarding your specific situation.

In a nutshell, your contribution must be a direct transfer from the IRA custodian payable to a qualified charity. Congress permanently allowed this provision in 2015. The Bridge to Hope is a qualified charity.

Q. Are there any requirements that must be met to make the contribution?

A. IRS rules state that:

  • You must be at least 70 1/2 at the time you request the QCD
  • The funds must go to the charity before Dec. 31 of that year
  • The check must be written directly to the charity.

Give us a call at 602-589-5556 to speak to a The Bridge to Hope about donating a Required Minimum Distribution (RMD) gift, and we will connect you with a volunteer who can answer your questions, or get you to the right person to answer your questions!

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