A Tax Savings Way to Help We Are Up
If you’re 70-1/2 or older, you can donate up to $100,000 per tax year directly from an Individual Retirement Account (IRA) to charities like ours. Qualified Charitable Distributions (QCD), otherwise known as IRA charitable rollovers or IRA gifts, are a great way to support We Are Up by allowing your dollars to go further: QCDs may be excluded from your taxable income and qualify towards your required minimum distribution (RMD).
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.
• Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
• Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
How to make a gift from your IRA to We Are Up.
• Contact your IRA administrator and instruct that person to make the check out to We Are Up.
• Help us credit your gift and thank you by having your IRA administrator include your full name and mailing address on the check. Also, have your administrator note that the transfer is an IRA Qualified Charitable Distribution.
• Have the IRA administrator mail the check to the following address:
We Are Up
144 Weirup Lane
McKinleyville, CA 95519
If your financial institution cannot include your full name and address with the check, please contact us directly so that we can identify your donation when it arrives. Also, if the financial institution sends the check, made out to We Are Up, to you directly then please mail it to our Fieldbrook Road address and include your full name and address.
We Are Up cannot give you tax advice so please consult with your tax advisor or IRA administrator if you have any tax questions.
Legal Name: We Are Up
Public Charity Tax ID #: 87–2606394
What are the IRA charitable rollover rules?
Here’s how a Qualified Charitable Distribution (QCD) works:
• You must be 70-1/2 or older at the time of gifting your IRA to charity.
• You may distribute an amount, up to $100,000 in a calendar year, to one or more public charities (501(c)(3)), such as We Are Up, so long as it is completed by December 31 of that year.
• Your IRA administrator must make the distribution directly to the charity, or you may write a check to the charity from your IRA checkbook.
• Funds that are withdrawn by you and then contributed do not qualify.