01 Mar 2024

Make the Most of Your IRA

Did you know there are ways to reduce your tax burden while also giving back? IRA rollover gifts have significant tax advantages, like helping you meet your required minimum distribution, giving from pre-tax assets, and minimizing the effect philanthropic donations have on your cash flow.

Learn how you can support HudsonAlpha Institute for Biotechnology’s mission of improving life through genomics through IRA rollover gifts made to the HudsonAlpha Foundation!

Elderly couple looking at tablet with text "Reduce your tax burden even if you don't itemize"

 

If you are 70 ½ or older, an IRA rollover has several significant tax advantages. It allows you to give from pre-tax assets and direct up to $105,000 to a nonprofit of your choice. Even if you do not itemize or are subject to charitable deduction limits, the IRA rollover still allows you to give while receiving tax benefits. An IRA rollover gift could also help you avoid income that could push you into a higher tax bracket.

Benefits of Giving from your IRA Distributions

  • Making an IRA distribution to HudsonAlpha may satisfy your annual required minimum distribution, or RMD, up to the amount of your gift
  • An IRA distribution is excluded from taxable income and allows you to give from pre-tax assets
  • You may avoid being pushed into a higher tax bracket as well as avoid limits on charitable deductions
  • IRA distributions simplify the giving process – all you have to do is notify your IRA custodian
  • Because the donation is from your assets rather than your checkbook, you can minimize the effect giving has on your cash flow by directing gifts from your IRA distribution

 

Learn More About Giving Through IRA Distributions

Check out our planning resources to learn more about how to support HudsonAlpha’s mission through your IRA distributions!

If you have any questions about giving through your IRA, please reach out to Jeff Moore, Director of Planned Giving and Major Gifts Officer, at jemoore@hudsonalpha.org or 256-327-9434.

 

Tax-deductible contributions to the Foundation are for the sole purpose of advancing the mission of the HudsonAlpha Institute for Biotechnology. This information is not intended as tax, legal or financial advice. Consult your financial advisor for information specific to your situation.