North Shore Child & Family Guidance Center counts on donations from generous supporters like you to help us bring hope and healing to the children and families in your community. Today, our work is more important than ever before, as the mental health consequences of the pandemic have created an enormous increase of kids and teens with severe anxiety and depression. Sadly, many young people have also lost loved ones to the virus.
We know you want to do your part to make a difference! That’s why we provide so many ways to give. But at this time of year, one of the best is to consider a Qualified Charitable Distribution, also commonly known as an IRA Charitable Rollover gift.
If you are 70½ years old or older, you can take advantage of a simple way to benefit the Guidance Center and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to us without increasing your taxable income.*
Here’s How it Works:
Notify your IRA custodian to make a direct transfer of the distribution amount from your IRA to North Shore Child & Family Guidance Center.
- You take the portion of your required minimum distribution (RMD) that you need as income and transfer the remainder to us, thereby only paying income tax on the needed income.
- Obtain a written acknowledgment from the qualified charity (different from a tax deduction receipt) to benefit from the tax-free treatment.
These are Your Benefits:
You can transfer up to $100,000 per year to charitable organizations such as the Guidance Center.
- The distribution to charity counts toward your required minimum distribution for the year.
- The amount transferred is excluded from your adjusted gross income.
- Many taxpayers now take the standard deduction, eliminating the need for deductions associated with charitable gifts.
Here’s How to Qualify:
You must be age 70 ½ or older at the time of the gift.
- Transfers must be made directly from a traditional IRA by your IRA administrator.
- Gifts must be outright, and the donor cannot receive any goods or services in exchange for their contribution.
Thank you for making the wellbeing of the children and families in our community a priority as you create your philanthropic plans. We are so grateful for your support!
*Please consult your tax advisor to confirm how you would benefit from this opportunity.