Each year, the IRS requires people over age 70 ½ to withdraw from their individual retirement accounts (IRAs) and pay taxes on those funds — or risk a large penalty. But philanthropy-minded individuals have another option: Donating up to $100,000 of your “required minimum distribution” (RMD) to organizations like Virginia Mason, tax-free!
Since Congress made this possible, it has enabled donations to Virginia Mason that benefit everything from Bailey-Boushay House to the Benaroya Research Institute. And spouses who file joint tax returns can each make contributions, doubling their support.
“These gifts are a simple way to make a huge difference,” says Susan Clifford of the Virginia Mason Foundation, “and we’re happy to help donors direct their support to the areas they’re passionate about.”
We wanted to make sure you were aware of this unique opportunity to maximize your philanthropy for 2020 and the future, while possibly improving your tax situation.
To learn more or to set up an IRA charitable rollovers, contact Susan Clifford at Susan.Clifford@virginiamason.org or (206) 583-2303