If you are 70½ or older, you can take advantage of the potential tax savings of making donations directly from your IRA to an eligible non-profit, such as Bethania Kids. An IRA charitable rollover can satisfy all or part of your minimum distribution up to $100,000/year, but it is not considered taxable income. In this way, an IRA charitable rollover can reduce your taxable income even if you don’t itemize. It is also not subject to the deduction limits on charitable gifts for donors who do itemize.
Contact your IRA plan administrator directly to make a gift from your IRA to Bethania Kids. You will need to provide the following information:
· Our legal name: The Bethania Foundation
· Federal Tax ID Number: 36-3557140
· Address: PO Box 2140, Winchester, VA 22604
The investment manager can include a letter with any specific instructions you may have as to where the gifts are directed. It is also helpful if you contact us at firstname.lastname@example.org to let us know you are making a gift directly from your IRA. Once the gift is received, we will provide you with the appropriate tax receipt.
Please consult with your financial advisor to determine what is best for your specific circumstances.