2 Tax-Smart Ways to Give from Your IRA
An individual retirement account (IRA) is an appealing way to save for your retirement: Make a contribution and enjoy tax savings. But eventually, that tax bill comes due—when you take your annual distributions and again when you leave your assets to heirs. By making a gift to the pets at the Connecticut Humane Society from your IRA, you can avoid a tax bite and ensure lifesaving care is always available for pets in need.
At Any Age: You can give from your IRA by naming CHS as a beneficiary of your account. This is a great option for making an impact on pets beyond your lifetime. Here’s how:
- Decide what percentage (1–100) you would like CHS pets to receive.
- Contact your IRA administrator for a change-of-beneficiary form, or simply download a form from your provider’s website.
- Name the Connecticut Humane Society and the gift percentage on the form.
- Return the form to your IRA administrator.
- Let CHS know about your plans so we can thank you!
If You’re 70 ½ or Older: You can use your IRA to make a tax-free gift by transferring any amount up to $100,000 per year directly to a qualified charitable organization like CHS without paying income tax on the distribution. Additional benefits include:
- You’ll save the lives of local pets today.
- You pay no income taxes on the gift. The transfer doesn’t generate taxable income or a tax deduction, so you benefit even if you don’t itemize your tax deductions.
- If you are at least 72 years old, your gift can satisfy all or part of your required minimum distribution.
Have a question? Want more information? Contact Barbara Naugle, Director of Development: 800.452.0114, ext. 6324 or email@example.com