Make a Gift from Your IRA

Why does it make sense to make a gift from your IRA?

AMY BUCHHEIT, CFRE SENIOR DIRECTOR OF DEVELOPMENT

IRA gifts are a tax smart way to support the Triangle Education Foundation!

You can direct your required minimum distribution (RMD) up to a maximum of $100,000 to the Triangle Education Foundation without having to pay income tax on the distribution if you are 70 ½ or older! This popular giving option is referred to as a qualified charitable distribution (QCD) or as an IRA rollover gift.

Why make a gift through your IRA?

• Your gift will be put to immediate use to help all

Brothers with scholarships and programs! • Beginning when you turn 72, you can make a direct gift to the Triangle Education Foundation from your IRA to satisfy all or part of your RMD. • There are no income taxes on gifts made this way.

This transfer directly to us generates neither taxable income nor a tax deduction, so you’ll get the benefit even if you do not itemize your deductions. • Since this gift doesn’t count toward your income, it can reduce your annual income level. This may help lower your overall tax rate

Frequently Asked Questions

• Q: I will be 70 ½ in a few months, can I make a QCD now?

A: No, you must be 70 ½ or older on the date you make the gift

• Q: I have several retirement accounts; some are

IRAs and some are pensions. Does it matter which account I make the gift from?

A: Yes. In order to reap the tax benefits, you can only make this gift from your IRA account. You might be able to roll assets from your pension, profit -sharing, 401(k) or 403(b) plan into an IRA and then make the gift to the Foundation. To determine if you can convert these assets into an IRA, contact your plan administrator. • Q: Can my gift be used as my RMD?

A: Yes! Beginning after the date you turn 70 ½, you can use all or part of your gift to satisfy the requirement.

• Q: When do I need to make my gift?

A: We must receive your gift by December 31 for your donation to qualify in 2021.

• Q: I’ve already named the Triangle Education

Foundation as the beneficiary of my IRA. Are there benefits of making a gift now instead of after my lifetime?

A: Making a gift this year of any amount up to $100,000 from your IRA means you can see your gift in action! You are helping Triangle Brothers benefit from scholarships and programs and your generosity is instrumental in helping all members!

At Any Age

No matter your age, you can designate the Triangle Education Foundation as the beneficiary of all or a portion of your IRA. This gift will pass tax-free to us and is very simple to complete. Contact your plan administrator and ask for a change of beneficiary form. It’s important to let us know if you have made the Triangle Education Foundation a beneficiary of your IRA so that we can properly thank you for your generosity and ensure that your wishes for the gift are carried out. If you have questions about gifts from your IRA, or other questions about how to make a gift to the Foundation, contact Amy Buchheit, CFRE at 317-203-7759 or abuchheit@triangle.org.