IRA Distributions

If you are over age 70 ½, contact your IRA administrator for instructions on making a direct transfer that will be free of federal income tax. If you are married, each spouse can give up to $100,000 from his or her IRA.

If you are between ages 59 ½ and 70 ½ , you may be eligible to make a penalty-free withdrawal from your IRA. This withdrawal will be subject to federal income tax, and possibly state income tax; however you may be eligible for a charitable deduction to help offset the taxes. Check with your IRA administrator or financial advisor.

Here is a sample request letter to your IRA Administrator

Subject: Request for Charitable Distribution from Individual Retirement Account

Dear Sir or Madam:

Please accept this letter as my request to make a direct charitable distribution in the amount of $________ from my Individual Retirement Account#________________ [account number].

This distribution should be made payable to:
St. Paul’s Episcopal School
161 Dogwood Lane
Mobile AL 36608
Attn: Advancement Office
Tax ID# 23-7035434

In your transmittal to St. Paul’s, please include my name and address as the donor of record in connection with this transfer. Please copy me on your transmittal. If you have any questions or need to contact me, I can be reached at ______________ [telephone number].

Thank you for your assistance in this matter.

Sincerely,
____________ [Plan owner]

 

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