Support Schechter’s Spectrum of Pluralistic Jewish Educational Programs
With a Tax-Free Qualified Charitable Distribution
As 2018 comes to a close, you may be eligible to make a tax-free gift from your Individual Retirement Account (IRA) to The Schechter Institutes, Inc. Annual withdrawals from traditional retirement accounts are required after age 70½, and the penalty for skipping a required minimum distribution is 50 percent of the amount that should have been withdrawn. By donating money from your IRA directly to a qualifying charity you can avoid income tax on required withdrawals.
Individuals age 70½ and older can make direct transfers totaling up to $100,000 per year from their IRAs to The Schechter Institutes, Inc. without tax implications. Your gift can be designated to support a particular Schechter amutah or program.
BENEFITS OF AN IRA CHARITABLE ROLLOVER
- Avoid paying taxes on your IRA withdrawal when funds are gifted directly to The Schechter Institutes, Inc.
- Satisfy your required minimum distribution (RMD) without increasing your income taxes.
REQUIREMENTS FOR AN IRA CHARITABLE ROLLOVER
- You must be at least age 70½ at the time of distribution.
- Maximum distribution is $100,000 total each year, per individual. In order to receive the tax benefits in a particular calendar year, you must make your gift to The Schechter Institutes, Inc. by December 31, 2018.
- Distributions must be made directly to SI, Inc. from your IRA.
HOW TO MAKE YOUR GIFT
- Contact your IRA plan administrator for their specific transmittal form.
- On the form, specify the amount to be transferred to The Schechter Institutes, Inc.
- Include SI, Inc.’s tax ID number: 22-3342043.
- Checks from your IRA should be made payable to The Schechter Institutes, Inc., and sent to:
The Schechter Institutes, Inc.
PO Box 8500
Philadelphia, PA 19178-3566
For information on wire transfers or other instructions:
Contact Avrum Lapin at (866) 830-3321 or firstname.lastname@example.org.
The Schechter Institutes, Inc. does not provide legal or tax advice. Before proceeding, we encourage you to consult your legal or tax professional to discuss your particular situation, including any impact of your state’s tax laws.