One of the most tax-efficient opportunities available to seniors interested in charitable giving is through your Individual Retirement Account (traditional IRA).*
If you are 70½ or older, you can make a Qualified Charitable Distribution (QCD) directly from your IRA to the Friends of Nike Site Summit — allowing you to give in a way that maximizes your impact while minimizing your tax burden. Here’s why a QCD from your IRA makes smart giving sense:
1. Tax Efficiency: A QCD can satisfy your Required Minimum Distribution (RMD) without being added to your taxable income, potentially reducing your overall tax liability. Each individual can donate up to $108,000 per year this way.
2. Simple Process: Just instruct your IRA custodian to make a direct transfer to FONSS. We are here to assist you with any necessary details. You will need our tax ID number, which is 99-3222692, and our address, P.O. Box 231201, Anchorage, AK 99523.
Donations can also be made to our endowment, held at the Alaska Community Foundation. The simplest method to make a QCD intended for the endowment is to have your IRA custodian send a check made out to Alaska Community Foundation with “FONSS from (your name)” in the memo field. Mailing address is Alaska Community Foundation, 3201 C Street, Suite 110, Anchorage, AK 99503.
3. Your IRA is a tool for good: Your donation will help ensure FONSS has the funds for upkeep, education and improvements at Site Summit now (via our general fund) or into the future (via our endowment).
* For information about QCDs and your own tax situation please refer to IRS Publication 526, available on the irs.gov website.
If you are 70½ or older, you can make a Qualified Charitable Distribution (QCD) directly from your IRA to the Friends of Nike Site Summit — allowing you to give in a way that maximizes your impact while minimizing your tax burden. Here’s why a QCD from your IRA makes smart giving sense:
1. Tax Efficiency: A QCD can satisfy your Required Minimum Distribution (RMD) without being added to your taxable income, potentially reducing your overall tax liability. Each individual can donate up to $108,000 per year this way.
2. Simple Process: Just instruct your IRA custodian to make a direct transfer to FONSS. We are here to assist you with any necessary details. You will need our tax ID number, which is 99-3222692, and our address, P.O. Box 231201, Anchorage, AK 99523.
Donations can also be made to our endowment, held at the Alaska Community Foundation. The simplest method to make a QCD intended for the endowment is to have your IRA custodian send a check made out to Alaska Community Foundation with “FONSS from (your name)” in the memo field. Mailing address is Alaska Community Foundation, 3201 C Street, Suite 110, Anchorage, AK 99503.
3. Your IRA is a tool for good: Your donation will help ensure FONSS has the funds for upkeep, education and improvements at Site Summit now (via our general fund) or into the future (via our endowment).
* For information about QCDs and your own tax situation please refer to IRS Publication 526, available on the irs.gov website.