Leave a Legacy for WQXR
Estate planning is a wonderful way to create a lasting legacy for WQXR's future. It is important to carefully consider a number of key factors when determining if making a legacy gift is right for you, such as its purpose, what assets are most appropriate to use in funding the gift, the gift's timing, its effect on income tax and estate tax planning, and its effect on your family members and friends. When considering your charitable goals and objectives, we strongly encourage you to seek the counsel of your legal, tax or financial advisor before finalizing any gift intention.
New York Public Radio provides information on legacy giving solely as a guide to help you determine what might best work for you and your interests. Please consider the following information as a resource to help you meet your philanthropic goals. The information provided here is for illustrative purposes only and should not be considered investment, legal, accounting, tax or other professional advice.
To request additional information on the many ways you can include New York Public Radio in your estate or financial plans, or to let us know of an existing gift intention, please contact us at (646) 829-4587 or firstname.lastname@example.org. All inquiries will be handled confidentially and imply no obligation.
UPDATE ALERT: IRA CHARITABLE ROLLOVER REAUTHORIZED BY US CONGRESS AND SIGNED BACK INTO LAW PERMANENTLY BY PRESIDENT OBAMA
The IRA Charitable Rollover, first enacted as part of the Pension Protection Act of 2006 and extended through December 2014 in the Tax Increase Prevention Act of 2014, has been extended permanently -- retroactive from January 1, 2015 -- by the US Congress as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015 and signed back into law by President Obama. You may now make a charitable gift directly from your Individual Retirement Account (IRA) while excluding the amount of that gift from your adjusted gross income (AGI).
Benefits of the IRA Charitable Rollover:
- The IRA Charitable Rollover permits you to make donations directly to charitable organizations such as WQXR from your IRA without counting the distribution as part of your AGI and, consequently, without paying taxes on it.
- You wouldn't recognize the distribution as income for federal income tax purposes.
- The distribution counts toward your required minimum distribution (RMD) for the year.
- You must be at least 70 1/2 years old and required to make an annual distribution from your IRA.
- Your total combined IRA Charitable Rollover donations cannot exceed $100,000 in any one year.
- Charitable contributions from an IRA must go directly to a public charity that is not a supporting organization. Contributions to donor-advised funds and private foundations, except in narrow circumstances, do not qualify for tax-free IRA rollover donations.
- Distributions can only be made from traditional IRAs or Roth IRAs. Charitable donations from 403(b) plans, 401(k) plans, pension plans, and other retirement plans are ineligible for the tax-free treatment.
- You cannot receive any goods or services in return for your IRA Charitable Rollover donation in order to qualify for the tax-free treatment.
- You must receive an acknowledgement from WQXR or other charitable institution donated to for each rollover contribution with the specific language required by the IRS included, stipulating your intentions.
We strongly recommend that you seek advice from your financial advisor prior to making an IRA Charitable Rollover donation, as personal circumstances may have a significant impact on whether such a contribution would be advantageous to you. In order to benefit from a 2015-eligible IRA contribution, plans to contact your IRA administrator as soon as possible as some administrators may place a deadline on requesting transfers.
For more information, please contact Dina Vaz, Director of Legacy Giving, at (646) 829-4587 or email@example.com.
Thank you for your interest in creating a legacy to benefit New York Public Radio. We hope the information provided will be useful as you consider your philanthropic and financial objectives.
When creating your estate plans, please keep in mind that WQXR should be identified by our legal name, New York Public Radio.