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Money in a tax-deferred retirement plan–such as an IRA or 401(k)–that is left to an individual’s heirs can be subject to both income and estate taxes.

Taxes can erode a substantial part of these assets. If money in such plans is left to the AHRC New York City Foundation, however, the Foundation receives the full amount. You may therefore wish to consider providing for loved ones from other assets and making the AHRC New York City Foundation the beneficiary or co-beneficiary of your retirement plan assets.

Make a Gift from Your IRA Today

Did you know people age 70-1/2 or older may make a gift up to $100,000 directly from an IRA to a qualified charity such as the AHRC New York City Foundation? The gift counts toward the minimum required distribution and is tax free if made directly from an IRA to the charity.

Such a gift is a good option for donors who must take a minimum distribution but don’t need the income. Donors who don’t itemize deductions on their tax returns also benefit because the gift is not tax deductible but is tax free.

To make a charitable gift from your IRA, contact the custodian of your account.

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