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How Your IRA Can Help Perkins School for the Blind

Until December 31, 2007, a new federal law allows tax-free contributions from most IRAs to qualified charitable organizations, such as Perkins.

To qualify for the tax-free distribution, you must:

  • Be age 70 ½ or older
  • Own a traditional or Roth IRA account

  • Direct the custodian of your IRA to transfer funds directly to the charity by December 31, 2007.

Benefits to the IRA owner:

  • The transfer to charity counts against your required minimum distribution requirement.
  • The transfer to charity is excluded from your taxable income, thus simplifying your tax return and decreasing your taxes.
  • The transfer to charity may be in addition to any other tax deductible contributions.

How the New Law Works:

Gerald, age 76, has $500,000 in a traditional IRA.  If he transfers $50,000 directly from his IRA to Perkins School for the Blind, he will avoid paying income tax on that amount. (Since he does not have to pay income tax on the transfer, he is not entitled to a charitable income tax deduction.)

To Make a Gift:

Contact Perkins School for the Blind for a sample letter to send to your IRA custodian and be sure to send Perkins a copy of the letter so that we may provide you with a receipt. 

Exclusions:

  • Direct transfers from simple IRAs, 401(k), or 403(b) accounts do not qualify.
  • Direct transfers to donor advised funds, or deferred gift plans such as charitable gift annuities or charitable remainder trusts do not qualify.

For More Information:

It is prudent to consult your tax professional when contemplating significant financial transactions.  If you have questions about making a gift to Perkins using your IRA, please contact:

Alleather Toure
Perkins Trust Office
175 North Beacon Street
Watertown, MA 02472
617-972-7680 or Alleather.Toure@perkins.org
Fax: 617-972-7334