Did you know that you can contribute gifts directly from your Individual Retirement Account (IRA), Stock portfolio or Donor Advised Fund to the Michigan LCV Education Fund and avoid income and capital gains taxes?
Make tax-free charitable gifts directly from your Retirement Account
If you are age 70½ or older, you can make tax-free charitable gifts of up to $100,000 per year directly from your IRA to eligible charities, such as the Michigan LCV Education Fund. These contributions are known as Qualified Charitable Distributions (QCD).
If you are age 73 or older, you must make withdrawals from your IRA each year. Charitable gifts to the Michigan LCV Education Fund satisfy your required minimum distribution (RMD) while avoiding the potential negative tax consequences that regular IRA withdrawals in retirement can create. The contribution must be made directly from a traditional IRA account by your IRA administrator. Donating IRA assets can be a financially rewarding strategy for both you and the Michigan LCV Education Fund. As always, you should talk with your financial representative or tax adviser before making a decision that alters your tax situation.
- Satisfy your Required Minimum Distribution (RMD) for the year.
- Avoid taxes on transfers of up to $100,000 annually.
- Reduce your taxable income, even if you don’t itemize deductions.
- Make a gift that is not subject to deduction limits on charitable donations.
- Further the work and mission of the Michigan League of Conservation Voters Education Fund
- You must be age 70½ or older at the time of the gift.
- Contributions must be made directly from a traditional IRA account by your IRA administrator to the Michigan LCV Education Fund.
- Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.
- Gifts from 401k, 403b, SEP, and other plans do not qualify. Ask your financial advisor if it would be right for you to create a traditional IRA account so you can benefit from the IRA Charitable Transfer.
How an IRA charitable rollover gift works:
- Contact your IRA plan administrator to make a gift from your IRA to the Michigan LCV Education Fund.
- Your IRA funds will be directly transferred to our organization to help continue our important work.
- Please note that because IRA charitable rollover gifts reduce your taxable income, they do not qualify for a charitable deduction.
Please contact Lee Berry at [email protected] if you would like your gift to be used for a specific purpose.
Donor Advised Funds
Michigan League of Conservation Voters Education Fund is eligible to receive gifts directly from your Donor Advised Fund. Please forward our name and mailing address to your fund:
Michigan LCV Education Fund, 340 Beakes St. Suite 110, Ann Arbor, MI 48104.
For wire transfer information, please contact Lee Berry at [email protected].
Michigan LCV Education Fund welcomes Gifts of Stock
Make a contribution to the Michigan LCV Education Fund with stock or mutual fund shares instead of cash and save on capital gains taxes.
For more information please contact Lee Berry at [email protected].