City of Hope supporters, age 70 ½ or older, can 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.
Benefits:
- Use a portion of your Required Minimum Distribution to make a gift to City of Hope and you don’t pay income taxes on the amount you donate.
- Fulfill part or all of your required minimum distribution for this year.
- Reduce taxable 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 gift directly to City of Hope and avoids paying income taxes on the donated amount.
For assistance, 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.
“City of Hope is truly remarkable, providing the finest of care, as well as innovative research. My IRA rollover gift is a “win-win,” to me and City of Hope.”
–Alexandra M. Levine, M.D., M.A.C.P., Dr. Norman & Melinda Payson Professor in Medical Oncology, Professor of Hematology and Hematopoietic Cell Transplantation.
Levine is an acclaimed expert in lymphoma, Hodgkin disease and AIDS-related malignancies. She served as the chief medical officer at City of Hope for 10 years.
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.”
