A Tax-Saving Way to Help The Wilderness Society
Thanks for considering a gift to The Wilderness Society directly from your IRA. If you’re ready to make your gift today, you can use this sample letter to request a direct charitable distribution from an individual retirement account.
You can personalize this letter by updating the date, entering the name and address of your IRA administrator, and adding in your personal details at the bottom of the letter. Then, you’ll share this with your IRA administrator to initiate the transfer.
The Wilderness Society
1615 M Street, NW
Washington, DC 20036
Attn: Excy Herrera
Federal Tax ID Number: 53–0167933
See Your Generosity in Action
If you are 70½ years old or older, you can take advantage of a simple way to protect the wildlands you love and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money.
This law no longer has an expiration date so you are free to make annual gifts to our organization this year and well into the future.
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- 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.
- If you have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.
Frequently Asked Questions
Q. I want to ensure my gift to The Wilderness Society through my IRA is tax-free. In the case of an IRA Charitable Rollover, does it matter if the distribution comes to me first, or does it have to go directly to a qualified charity such as The Wilderness Society?
A. Yes – it matters. Funds that are withdrawn first and then used as a gift to charity do not qualify as tax-free, and the withdrawal will be recognized as taxable income. To ensure that your distribution is tax-free, your gift must come directly from your IRA to The Wilderness Society or other qualified charity.
Q. I've already named The Wilderness Society as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?
A. By making a gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You’re jump-starting your wilderness legacy and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.
Q. I'm turning age 70½ in a few months. Can I make this gift now?
A. No. The legislation requires you to reach age 70½ by the date you make the gift.
Q. I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
A. Yes. Direct rollovers to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to The Wilderness Society. To determine if a rollover to an IRA is available for your plan, talk with your plan administrator.
Q. Can my gift be used as my required minimum distribution under the law?
A. Yes, absolutely. If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.
Q. Do I need to give my entire IRA to be eligible for the tax benefits?
A. No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.
Q. I have two charities I want to support. Can I give $100,000 from my IRA to each?
A. No. Under the law, you can give a maximum of $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.
Q. My spouse and I would like to give more than $100,000. How can we do that?
A. If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.
It is wise to consult with your tax professionals if you are contemplating a charitable gift under the extended law. Please feel free to contact Kristie Malley or Sean Twomey at 1-888-736-4897 or firstname.lastname@example.org with any questions you may have. Thanks for considering a gift to The Wilderness Society directly from your IRA.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.