You can donate all or a portion of your IRA, 401(k), 403(b), Keogh, or other qualified retirement plan to PATH or even make PATH a beneficiary of your retirement plan. This type of gift can help you reduce the taxes you pay on retirement savings—giving you more control over your money and the chance to have the greatest possible impact on global health.
Charitable IRA rollover
You may be eligible for a special type of retirement plan distribution that can help you maximize your savings. If you’re over 70.5 years old and have a regular IRA, you are required to withdraw an increasing percentage of your IRA balance each year.
Beginning in 2006, and continuing every year through 2014, people over age 70.5 years could make a direct transfer from their IRA to one or more charities. The amount transferred counted toward the mandatory distribution and was not included in taxable income—a gift known as a “charitable IRA rollover.”
Congress is expected to renew the legislation for 2015, retroactive to January 1, though it may not be enacted until late December. Since this would give you little time to act, you could authorize a transfer now.
In the unlikely event that the legislation is not renewed, the amount transferred would count toward your mandatory distribution and be added to your taxable income. However, you would be allowed a tax deduction for your gift, and if you’re able to use the entire deduction, in most cases it would substantially offset the amount added to taxable income.
Make a lasting contribution to improving global health
If you’re interested in making a charitable IRA rollover gift or another type of retirement plan contribution, please contact David C. Wu, chief development officer, at firstname.lastname@example.org or 206.302.6073 for instructions and more information.
We also encourage you to talk with your legal and tax advisors about whether this is a good option for you. If you’re considering a gift restricted to a particular health need or region, please consult with PATH first, so that we can make sure your wishes are honored.
If you have already established a future gift to PATH, please let us know so that we can thank you—or use this confidential reply form to tell us about your gift.