BY CANDACE TURTLE — Want to enjoy a tax benefit and strengthen the Ashland Independent Film Festival in one easy step?
Those who are 70½ years of age or older and have Individual Retirement Accounts can help AIFF and enjoy a tax benefit by making contributions from their IRA accounts directly to the film festival.
“Our Ashland Independent Film Festival is a world-class operation deeply deserving of our local support,” says Ashland City Councilor and recent contributor Stephen Jensen. “Your portfolio manager can make your AIFF contribution a cakewalk. Just ask!”
The federal government mandates a Required Minimum Distribution from IRAs when seniors reach 70½, and annually thereafter. The required amount starts around four percent and increases annually.
Normally, this money is taxed as income by the Internal Revenue Service. However, any amount transferred directly from an IRA to a charitable organization such as AIFF does not count as income. So those with IRAs benefit, even if they do not itemize.
Up to $100,000 per year from an IRA can be donated to charitable organizations. These donations must come directly from the IRA to the charities of choice. Be sure to include your name and AIFF’s non-profit number, 93-1281951, on the transaction.
The deadline for most individuals to make this transfer is Dec. 31. Allow time for your funds to arrive and for AIFF to process your donation.
We can help answer your questions. Contact AIFF’s Development Manager Candace Turtle at 541-488-3823 or email here. We also help with other important planned giving programs such as bequests and trusts. Just ask!
Please note that Roth IRAs do not require withdrawals until after the death of the owner.