After age 70½, you must make a Required Minimum Distribution (RMD) from your IRA each year or pay a substantial penalty. The RMD adds to your taxable income unless you direct your IRA administrator to transfer it directly to a qualified charity like the Beacon.
Donating some or all of an RMD excludes the amount donated from your taxable income, but you cannot also claim the amount as a charitable tax deduction. For more information, google “donate ira rmd” and then consult with your financial advisor and your accountant.
To make a donation from your IRA RMD to the Beacon, please e-mail Accounting@nullAndoverBeacon.com with your name, the amount you’ll be donating, and the fact that the check will be coming from your IRA administratior.
Then, send a request like the one shown below to the administrator of your IRA. When we receive the donation from your IRA administrator, we’ll send an acknowledgement of your donation directly to you.
Sample: IRA RMD Donation Request Letter
You can download this sample letter as a Microsoft Word document here.
[IRA Administrator Name]
[IRA Administrator Address]
[IRA Administrator City, State ZIP]
Please accept this letter as my request to make a direct qualified charitable distribution from my individual retirement account number [IRA Account Number].
Please issue a check in the amount of $[Donation Amount] to Community Publishing of Andover, Inc. and mail it to:
Community Publishing of Andover, Inc.
d/b/a The Andover Beacon
PO Box 149
Andover NH 03216-0149
For your records, Community Publishing of Andover’s federal tax identification number is:
In your transmittal to Community Publishing of Andover, please use my name and address as the donor of record in connection with this transfer, and copy me on the transmittal at the address below.
It is my intention that this gift complies with IRC 408(d)(8).
If you have any questions or concerns regarding this request, I can be reached at [Your Telephone Number and/or Email Address].
[Your City, State ZIP]