Giving from your IRA
If you’re 70½ or older, you can make a sizable gift from an individual retirement account (IRA) to Friends of the Oakhurst Branch Library AND reduce your taxable income.
Benefits of giving from your IRA:
Convenient. It’s an easy way to give to the Friends of the Oakhurst Branch Library (FOBL).
Tax-wise. Distributions made directly to charity are not treated as taxable income.
This is advantageous even if you don’t itemize deductions on your tax returns!
Promises kept. Gifts from your IRA can be used to fulfill any charitable giving pledges previously made.
Impactful. Gifts are tax-free to FOBL.
The entirety of your gift will go toward worthy library projects and improvements.
Requirements of a Qualified Charitable Distribution
You can give to Friends of the Oakhurst Branch Library from your IRA without any federal tax liability, as long as the gifts are qualified charitable distributions (QCDs). Distributions qualify for all or part of your required minimum distribution (RMD).
IRA holders must be age 70½ or older at the time of the gift.
A single person may give up to $100,000 per year and a married couple may give up to $200,000 per year from separate accounts.
Gifts must be outright gifts made directly to a charitable organization.
Distributions may only be made from traditional IRAs or Roth IRAs; other retirement accounts are not eligible.
Check with your CPA or tax preparer regarding this unique way of giving and how it may benefit you.