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A Tax-Saving Way to Help the Cancer Support Community 

Make a difference today and save on taxes. It is possible when you support the Cancer Support Community through your IRA.

 

A Special Opportunity for Those 70½ Years Old and Older

You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as the Cancer Support Community of Greater Ann Arbor without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference at CSC. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

 

Why Consider This Gift?

  • Your gift will be put to use today, allowing you to see the difference your donation is making.
  • Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums an decrease the amount of Social Security that is subject to tax.

For Those 59½ Years Old or Older

If you are at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.

 

At Any Age

No matter your age, you can designate the Cancer Support Community as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.

 

Tip: It is critical to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed. We would love to talk to you about your intentions to ensure that they are followed. We would also like to thank you for your generosity.

 

CSC is not able to provide tax or legal advice and there may be situations or changes in law affecting the tax treatment of your donations to CSC. We recommend seeking professional tax or legal advice to determine your options for making QCDs and the effect of charitable donations on your taxes.

NEXT STEPS

 

1)  Communicate with your IRA’s custodian (where your IRA is held) that you are interested in making a QCD(s).

 

2) Specify the dollar amount that you wish to contribute to each individual charity.

 

3) Notify the Cancer Support Community of Greater Ann Arbor by calling 734-975-2500 or completing our online form so we can properly acknowledge your gift.

 

 

Legal name: Cancer Support Community of Greater Ann Arbor
Legal address: 2010 Hogback Rd, Suite 3, Ann Arbor, MI 48105
Federal tax ID number: 05-0597871

 

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