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FAQs

What’s the IRS Rule?

The IRA Charitable Transfer allows individuals age 70½ and older to make direct transfers totaling up to $100,000 per year to 501(c)(3) charities, without having to count the transfers as income for federal income tax purposes. No charitable deduction may be taken, but distributions will qualify for all or part of the IRA owners required minimum distributions.

How will the Basilica of Saint Mary count the gift?

We will give you full credit for the entire gift amount.

Can my spouse also make an IRA Charitable Transfer?

Yes, every individual who is the owner of a traditional IRA account can use the IRA Charitable Transfer for up to $100,000 each year.

What is the procedure to execute an IRA Charitable Transfer?

We will assist you in drafting a standard letter you can send to your plan provider to initiate the transfer. Please let your plan administrator know that this gift must be sent prior to December 31 to qualify as an IRA Charitable Transfer. Make sure that you contact Trish Weiler, our Business Manger at 703-836-4100 when you direct the transfer so we can look for the check from your IRA administrator.

Make a Pledge/Gift to the Mary Lead Us Campaign Through an IRA Distribution and Save on Your Taxes

Click here for sample Letter of Instruction to your IRA Administrator. 

If you need assistance, please contact the Stewardship & Campaign Office at (703) 836-4100.

Did you know that the IRA Charitable Transfer benefits donors aged 70 ½ and up?

The IRA Charitable Transfer is an excellent way to make gifts and receive tax benefits in return.  You receive a tax benefit even if you take the standard deduction!

To qualify

  • You must be age 70½ or older at the time of gift.

  • Transfers must be made directly from a traditional IRA account by your IRA administrator to the Basilica of Saint Mary.

  • Gifts must be outright.

  • Donate up to $100,000 annually.

  • IRA Charitable Transfers are excluded gross income for federal income tax purposes on your IRS Form 1040. You receive no charitable deduction

  • Count towards your required minimum distribution for the year in which you made the gift.

    Example:

    John is 71 wants to make a contribution to the Basilica of Saint Mary in support of the Mary Lead Us Campaign. He has $500,000 in his IRA and he wants the contribution to be $25,000. He can authorize the administrator of his IRA to transfer $25,000 to the Basilica of Saint Mary. Because the IRA Charitable Transfer is excluded from income, John will not be eligible for a charitable income tax deduction but he still receives tax savings. The $25,000 distributed to the Basilica of Saint Mary will be counted toward his annual minimum required distribution and he will not pay income tax on the portion given to charity.
    For more information, please Trish Weiler at 703-836-4100.

    Important: Be sure to check with your financial adviser to determine whether this gift plan is right for you. This information is not meant as tax or legal advice.