Giving Through Your IRA

At Any Age

No matter your age, you can designate Yellowstone Schools as the beneficiary of all or a percentage of your IRA, and it will pass to us tax-free after your lifetime. All you need to do is contact your IRA administrator for a change-of-beneficiary form or download one from your provider’s website.

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For Those 59½ Years Old or Older

If you are at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.

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A Special Opportunity for Those 70½ Years Old and Older

You can give any amount (up to $100,000 per year) directly from your IRA to a qualified charity, such as Yellowstone Schools, without paying income tax on the amount.

Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference for students.

This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution (QCD).

    • Your gift will be put to use today, allowing you to see the difference your donation is making.

    • Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD).

    • 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.

    • 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.

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FAQs

  • No. You must be 70½ by the date you make the gift.

  • Yes. Direct gifts to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit-sharing, thrift savings plan (TSP), 401(k), or 403(b) plan into an IRA and then make the transfer from the IRA directly to Yellowstone Schools. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

  • Yes, absolutely. Beginning in the year you turn 73, you can use your gift to satisfy all or part of your RMD.

  • No. You can give any amount under this provision, as long as it is no more than $100,000 per year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.

  • We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing features on your IRA, please be aware that your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.

  • No. Under the law, you can give a maximum of $100,000 per year. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.

  • If you have a spouse (as defined by the IRS) who is 70½ or older, they can also give any amount up to $100,000 from their IRA.

  • By making a gift this year of any amount up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.

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