There is an annual required minimum distribution (RMD) from qualified IRAs.  The Tax Cuts and Jobs Act of 2019, changed the age requirement from 70 ½ to 72 and ½.  Individuals may donate all or any portion of the required minimum distribution from qualified IRAs to take advantage of several tax benefits. Please consult your financial adviser for details. 

 

• You must be 72 1/2 or older. (Changed from 70 1/2 in 2019.)

• Gifts must be made directly from the IRA to The Adult Literacy Center of Ozaukee County.

• Total charitable giving cannot exceed a total of $100,000 per taxpayer for the year.

• Gifts must be outright, and no material benefits can be received in return for the gifts.

• Gifts cannot be made to a donor advised fund, supporting organization, or private foundation.

• The gift is not included in taxable income, and thus reducing taxable income. No charitable deduction is allowed.

• Gifts from your 401(k), 403(b), and 457 plans are not permitted.

• Steps to take to make a gift:

• If you want to make a qualifying transfer, contact your financial adviser and IRA administrator.

• The Adult Literacy Center of Ozaukee County, Tax ID # 46-2787588 
   

 

Contact The Adult Literacy Center of Ozaukee County at adultliteracycenter@gmail.com with any questions.
 

Note: In addition to gifts from your IRA account, please consider designating The Adult Literacy Center of Ozaukee County as a beneficiary of your IRA account. This is a great way to maximize your support of our mission. Please contact your IRA account administrator to inquire about completing a beneficiary designation. Thank you!