Dear Ohana Friends,
In December of 2016, legislation was signed into law containing a permanent reinstitution of the Charitable IRA Rollover tax code provision. This provision offers individuals the opportunity to transfer a tax-free donation directly from an IRA account to a qualified charity of your choice.
I’m writing to ask you to consider this win-win opportunity to support BUILDING OHANA as a part of your end-of-the-year giving and tax-planning.
Here is a recap of the IRA rules for charitable rollover contributions. A direct transfer can be made to OHANA from a qualified IRA plan if:
You are at least age 70 1/2 or older on the day of the gift.
You may transfer up to $100,000 directly from your IRA to BUILDING OHANA and any other qualified charities combined.
This opportunity applies to IRA accounts only and not to other types of retirement plans.
You pay NO TAXES on this donation, but naturally you cannot deduct it from your yearly taxes. The donation generates no taxable income and no tax deduction, so you benefit even if you do not itemize your tax returns.
The gift can satisfy all or part of your required minimum distribution (RMD) for the taxable year.
This gift may not be used to fund a gift annuity, charitable reminder trust, donor advised fund or private foundation. (BUILDING OHANA is a federally approved public charity with 501c3 status.)
You may not receive any goods or services in return for the rollover contribution in order to qualify for tax-free benefits.
We recommend that you always consult your tax advisors regarding your personal financial circumstances before acting on this provision. Please contact us if you require additional details re: a rollover contribution to BUILDING OHANA. With your help, we will be taking big steps to build OHANA Village in the very near future!
106 W Mission Ave. Ste. 107
Spokane, WA 99201