How to get a special tax break while supporting lifesaving research
Now City of Hope supporters can plan to get a tax break – while supporting breakthrough treatments and research – with an IRA Rollover gift. With a charitable IRA Rollover gift, you get many benefits. Use the form to request our guide, How to Make an IRA Rollover Gift, for more information and a sample letter for your administrator.
Benefits:
- Use a portion of your Required Minimum Distribution to make a year-end gift to
City of Hope and you don't pay income taxes on the amount you donate. - Receive a quick and easy estate tax reduction.
- Fulfill part or all of your required minimum distribution for this year.
- Reduce assets in your IRA account, up to a total of $100,000 each year or $200,000 for married couples.
- Advance lifesaving research and patient care.
For example:
- John Miller wants to make a gift to City of Hope.
- Now 71 years old, John must take a required minimum distribution from his IRA, which he would have to claim as income.
- John doesn’t need the additional income, so instead, he uses a portion of his Required Minimum Distribution to make a year-end gift directly to City of Hope and avoids paying income taxes on the donated amount.
To qualify:
- You must be 70 ½ years old or older when you make the transfer to
City of Hope. - The donation portion of your Required Minimum Distribution must be transferred directly from your IRA to City of Hope.
- The gift cannot exceed $100,000 in 2017 for an individual or $200,000 for a married couple.
- Your transfer must be executed by December 31.
For assistance in making a Charitable IRA Rollover gift, please contact Thelma Villafuerte at 800-232-3314 or plannedgiving@coh.org. We would greatly appreciate being informed of your generosity so that we can be prepared to provide a proper and timely IRS acknowledgment.
“I wanted to do something for City of Hope and because I save on taxes, my IRA Rollover donation enables me to make a larger gift than I would otherwise be able to make.”
Leslie Bernstein, Ph.D., R.N., Professor,
Division of Cancer Etiology, City of Hope
The Wall Street Journal touted this method of giving, saying:
“While the taxpayer doesn't get a deduction for the gift, neither does it count as income. This popular move can also help reduce a taxpayer's adjusted gross income, which in turn can help minimize Medicare premiums or taxes on Social Security benefits.”