People who are age 70 ½ or older can contribute up to $100,000 from their IRA directly to a charity and avoid paying income taxes on the distribution. This is known as a qualified charitable distribution. It is limited to IRAs, and there are other exclusions and considerations as well. When done properly, charitable donations of retirement assets can minimize the amount of income taxes imposed on both your individual heirs and your estate.
Using an IRA to make a charitable donation can help lower a tax bill and help put a smile on a child’s face. Distributions must be made directly to the Carousel Center, not to the owner or beneficiary. All distribution checks need to be made payable to the charity or they will be counted as taxable distributions.
Retirement accounts, such as your 401k, 403b, IRA, left to your children may incur heavy income taxes but are tax-free to charity. Designate the Carousel Center as a beneficiary of your retirement account. This is a simple, affordable way to support the Carousel Center’s mission.
How to make this gift: To make a planned gift of retirement assets, add the Carousel Center as a beneficiary of the retirement account. This can usually be done by a change of beneficiary form from the administrator of the plan. Our legal name is The Carousel Center Inc., and our tax ID number is 56-2098739.
When you give, please let us know so we can thank you personally.