Charitable Bequest and IRA Rollover
A charitable bequest is a distribution from your estate to a charitable organization through your last will and testament. Please use the legal name, “Kansas Foundation for Agriculture in the Classroom,” to ensure that your donation is gifted to the correct charity. We happy are to assist you with your legal name, tax ID number, and address. Contact Nancy Zenger-Beneda, firstname.lastname@example.org, 785-320-4351.
- General Bequests are made by designating a specific dollar amount, a particular asset or a fixed percentage of your estate to the cause of your choice.
“I give, devise, and bequeath to the Kansas Foundation for Agriculture in the Classroom, headquartered in Manhattan, Kansas, the sum of $________(or a description of the specific asset), for its general purposes.”
- Specific Bequests are made when a particular item or property is bequeathed for a designated purpose.
“I give, devise, and bequeath to the Kansas Foundation for Agriculture in the Classroom, headquartered in Manhattan, KS, the sum of $_______ (or a description of a specific asset), to be added to a permanent endowment fund. If at any time in the sole judgment of the Board of Directors of the Kansas Foundation for Agriculture in the Classroom, it is or becomes impossible or impracticable to carry out the designated purpose of this gift, then the Board of Directors of the Kansas Foundation for Agriculture in the Classroom shall determine an alternative purpose closest to the original designated purpose.“
Qualified IRA withdrawals made directly to charity are excluded from tax-payer adjusted gross income, avoiding withdrawal income tax. The IRA withdrawal is considered a tax-free “rollover”. Taxpayers who don’t itemize deductions can still receive a tax benefit from their generosity, including 1) avoid or reduce income taxes on Social Security benefits, 2) avoid higher Medicare premiums, 3) avoid surtaxes on net investment income. Charitable IRA Rollovers count toward the account owner’s IRA required minimum distribution (RMD) for the year. Inform your IRA provider that you wish to make a Charitable IRA Rollover (or “Qualified Charitable Distribution”) from your IRA account. Have them make the check payable to the Kansas Foundation for Agriculture in the Classroom. We happy are to assist you with your legal name, tax ID number, and address. Contact Nancy Zenger-Beneda, email@example.com, 785-320-4351.
Please consult your tax adviser prior to making an IRA Rollover request.
Requirements for a Charitable IRA Rollover
- The donor must be 70½ or older on the date of the gift.
- Total rollover gifts may not exceed $100,000 per IRA holder per calendar year.
- Gifts must be made from IRA accounts only. Gifts from other retirement plans such as 403(b)s, 401(k)s, or Keoghs are not eligible.
- Gifts must go to a public charity (such as Kansas Foundation for Agriculture in the Classroom). Gifts to donor-advised funds or private foundations are not permitted.
- Distributions must go directly from the IRA provider to the charity. The donor cannot take possession of the funds.
- The gifts must be outright. Rollovers to charitable gift annuities or charitable remainder trusts don’t qualify.