Make a difference today and save on taxes. It is possible when you support Placer Food Bank through your IRA.
A Special Opportunity for Those 70½ Years Old and Above
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Placer Food Bank without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at Placer Food Bank. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- If you are required to take minimum distributions, you can make a gift to Placer Food Bank up to the allowable amount and also satisfy all or part of your RMD obligation.
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Frequently Asked Questions
For Those 59½ Years Old or Older
If you are at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.
At Any Age
No matter your age, you can designate Placer Food Bank as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. Contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website, fill it out and send it back to complete your gift.
Tip: It is critical to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed. We would love to talk to you about your intentions to ensure that they are followed. We would also like to thank you for your generosity.
Figures and images cited in the example are for hypothetical purposes only.
- Contact us to discuss using your IRA to support Placer Food Bank and our mission.
- Seek the advice of your financial or legal advisor.
- To include Placer Food Bank in your plans, please use our legal name and federal tax ID. Please let us know of your gift (many retirement providers assume no responsibility for letting nonprofits know of your intentions so your goals won’t be honored).
Address: 8284 Industrial Avenue, Roseville, CA 95678
Federal tax ID number: 94-1740316
Planned giving info sheet here