If you are 70.5 or older, you can take advantage of a simple way to benefit Animals’ Angels and receive tax benefits in return. Rather than simply take an IRA withdrawal this year, you can direct your IRA administrator to distribute a gift from your IRA directly to Animals’ Angels, without having to pay income taxes on the money as you would be required to do.
Making an IRA Rollover gift
Contact your IRA administrator. With the popularity of the IRA rollover, most administrators provide forms and a procedure to help you make a rollover gift. The following information is generally required:
Name: Animals’ Angels, Inc.
Address: PO BOX 1056, Westminster, MD 21158
Contact: Sonja Meadows
Did you know?
- You will pay NO income taxes on the amount transferred.
- Any amount you transfer counts against your required minimum distribution (RMD), and you can direct up to $100,000 each year.
- This law no longer has an expiration date so you are free to make annual gifts to our organization this year and well into the future.
- 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.
For more information, please contact us.