Easy IRA Gifts
Easy IRA Gifts
Consider gifting from your IRA directly to Avon Old Farms School. This will count towards your annual IRA distribution, allowing donations of up to $100,000 with no tax obligation to you.
What You Need to Know
To Make a Qualified Charitable Distribution:
- You must be at least 70 ½ at the time of the gift.
- The transfer must be made directly from the IRA to Avon Old Farms School. (If your account has check writing abilities you may use this feature of your account.)
- The maximum total giving is $100,000 per person, per year. (not $100,000 per charity, per year)
- No charitable deduction will be realized through this type of gift. The tax savings are through the avoidance of income tax on this type of donation.
To Make Your Gift Via a Qualified Charitable Distribution:
- On your plan’s website download the specific form for an IRA rollover or contact your plan administrator and have the form sent to you.
- Notate the tax ID 06-0655480, and legal name – Avon Old Farms School, Inc.
- Inform Avon Old Farms of the designation of your gift. Also indicate on your plan form your gift intent and instructions to include your name as the donor.
Satisfy Required Minimum Distributions
Qualified Charitable Distributions count toward a donor’s required minimum distribution (RMD) if one is due. Contributions to your IRA after age 70½ can impact the amount eligible for a tax-free transfer.
Click here to calculate your required minimum distribution.
Consider a New Option
Starting in 2023, IRA owners who are 70½ or older can make a one-time IRA distribution to create a charitable gift annuity or charitable remainder trust ($50,000 maximum).
Checks should be sent to:
Avon Old Farms School
Attn: Sarah Wallace
500 Old Farms Road
Avon, CT 06001