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IRA Charitable Gifts, Medicare, and You

charitable giving with IRA

Your IRA is a tool that helps you save for your retirement years. And, when retirement comes, your IRA also provides a smart way to support the organizations you care about most. When you give through your IRA, you not only make an impact on the residents and visitors of our community, you protect your hard-earned savings from taxes and qualify for benefits in return. In short, donating through IRA charitable gifts helps you make a difference in a financially well-informed way.

How IRA Charitable Gifts Work

If you are 70½ or older, you can transfer any amount up to $100,000 per year directly from your IRA to a qualified charitable organization such as Vail Health Foundation. This organization can then benefit from the IRA charitable gift you provide.

The Benefits of IRA Charitable Gifts

Along with making an immediate impact at Vail Health or Eagle Valley Behavioral Health, your IRA charitable rollover gift (also often referred to as a qualified charitable distribution or QCD) benefits you as well.

  • You pay no income taxes on the gift. The transfer doesn’t generate taxable income or a tax deduction, so you benefit even if you don’t itemize your tax deductions.
  • Beginning in the year you turn 72, you can use your gift to satisfy all or part of your required minimum distribution.

Note: It is important that your gift passes directly from your IRA to Vail Health Foundation. If you withdraw the amount first, your gift will count as income and be taxable.

On Medicare or Social Security?

Making a gift through your IRA may decrease the amount of Social Security that is subject to tax and lower your Medicare premiums.

You can make a bigger impact than you ever imagined — while receiving benefits in return. To learn more about giving through your IRA, please contact Aaron Ciszek at 970.569.7574 or aaronc@vailhealth.org and Anne Walters at 970.569.7648 or anne.walters@vailhealth.org.

You may also visit our Planned Giving website to learn more and sign up for our newsletter.

The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.

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