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Tax-Smart Donating - Use Your IRA

Future soaring pilots being mentored

We greatly appreciate the support of our donors through both major gifts and the annual Eagle Fund Drive!

If you will be 70½ by Dec 31st keep reading...

The IRS requires that we take a "Required Minimum Distribution" (RMD) from our IRAs starting in the year we reach 70½.  This amount must be counted as ordinary income on our tax returns.

IRA funds are heavily taxed whenever we draw them out since they are ordinary income. What’s more, the tax burden never goes away – even our heirs will pay income tax on IRA funds they receive from the estate (quite different from stocks they may inherit), and federal estate taxes may apply, as well.

However, once we reach 70½ we are allowed to direct up to $100,000 per year from a regular or Roth IRA to a charity and do not have to report the amount as income, saving having to pay the taxes on that amount from our IRA! So you get to donate money on which virtually no tax has ever been paid.

There is some fine print (important but not onerous) to be aware of, so PLEASE check with your tax advisor and consult with us on the details before proceeding.

Though it may be tempting to simply write a check to the SSA, the slight extra work of giving from your IRA can be a much more effective donation method in terms of tax savings to you!

CLICK HERE to download a letter you can use to authorize a donation from your IRA.


Contact us at mylegacy@ssa.org or (575) 392-1177 8 am - 5 pm M-F Mountain Time
The SSA (EIN 95-1932120) is a 501(c)(3) Public Charity. Contributions are tax-deductible to the extent allowed by law.

Posted: 7/17/2018