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Did you know that you can designate Gleaners Community Food Bank 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.
If you’re 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.
You can take advantage of a simple way to benefit Gleaners Community Food Bank and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity such as Gleaners Community Food Bank without having to pay income taxes on the money. 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.
By making a gift this year of any amount up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.
No. The legislation requires you to reach age 70½ by the date you make the gift.
Yes. Your gift to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to Gleaners Community Food Bank. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
Yes, absolutely. If you reached the age of 70½ on or before Dec. 31, 2019, you can use your gift to satisfy all or part of your required minimum distribution for the year. If you turn 70½ on or after Jan. 1, 2020, you can use your gift to satisfy all or part of your required minimum distribution starting at the age of 72. Contact your IRA custodian to complete the gift. (Note: The RMD requirement has been waived for 2020, per the CARES Act.)
We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing privileges on your IRA, please mail your check by Dec. 18 in order to give us time to process your gift before the end of the year.
No. You can give any amount under this provision, as long as it is $100,000 or less per year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.
No. Under the law, you can give a maximum of $100,000 per year. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.
If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, they can also give any amount up to $100,000 from their IRA.
Unfortunately, the law does not allow a lifetime gift made directly from your IRA to fund a charitable remainder trust or charitable gift annuity.
Legal name: Gleaners Community Food Bank Inc. of Southeastern Michigan
Address: 2131 Beaufait, Detroit, MI 48207
Federal tax ID number: 38-2156255