IRA Contributions to the Richard Nixon Foundation
Frequently Asked Questions- IRA Contributions to the Richard Nixon Foundation
What are the deadlines to complete a gift?
Distributions by wire transfer must be by the Richard Nixon Foundation on or before December 31, 2017. Please contact Nicole Parsons, Nicole@nixonfoundation.org for more information.
May I make a gift from my IRA if I have already taken my required minimum distribution (RMD)?
Yes. You can exclude up to $100,000 (each IRA account owner) from gross income for qualified charitable donations.
May I contribute more than $100,000 to a qualified charity from an IRA?
Yes, however, the law limits the exclusion from gross income to $100,000. Charitable contributions from an IRA in excess of the $100,000 must follow the general rules pertaining to percentage limitations and itemized contribution reductions.
Are IRA distributions already taken by me eligible to gift as qualified charitable distributions?
No. However, you can make gifts from IRA distributions that do not meet the requirements of a qualified charitable distribution. In such cases, the IRA distribution would be recognized as income for income tax purposes and typically would be eligible for a federal income tax charitable deduction.
Is my IRA charitable rollover gift eligible for an income tax charitable deduction?
No. Donors of qualified IRA gifts do not receive a federal income tax charitable deduction for the IRA gift, as they are not being taxed on the withdrawal.
Are there other tax advantages to gifting through a qualified IRA?
Yes! Qualified IRA gifts are not subject to percentage of adjusted gross income (AGI) limitations for charitable contributions and are not reportable as income for federal income tax or for Social Security income purposes. The amounts withdrawn are not subject to state income taxes in most states. Donors who do not itemize deductions on their federal income tax returns may benefit from qualified IRA gifts for their exclusion from gross income. Amounts withdrawn from an IRA account are removed from the donor’s taxable estate. Talk to your tax advisor to see which benefits apply to your specific situation.
What types of charitable gifts are not eligible for IRA rollover gifts?
Most gifts to a private foundation, donor-advised fund, or supporting organization are not eligible. Gifts to a charitable remainder trust, lead trust, pooled income fund, or charitable gift annuity are not eligible. Gifts for which the donor receives a benefit that reduces the donor’s tax deduction (such as tickets or dinner) are not eligible.
How do I transfer my IRA?
Contact Nicole Parsons, Vice President for Development at the Richard Nixon Foundation for instructions, 714-364-1184 or at Nicole@nixonfoundation.org.
What is the Foundation mailing address and tax ID?
The Foundation headquarters and mailing address is: 18001 Yorba Linda Boulevard, Yorba Linda, CA 92886. The Foundation’s IRS Tax ID number is 57-1278303