Ways to Give Securities or Gifts of Stock to Autism Alliance of Michigan
You can support the vital services and programs at the Autism Alliance of Michigan (AAoM) with a gift of securities, including stocks or mutual funds, and receive important tax benefits. For more information or to make a gift of securities, contact the Office of Development at email@example.com or call 877-463-AAoM(2266). Securities may be delivered electronically from your brokerage account to the AAoM’s custody account at Huntington Bank by making a “DTC Free Delivery.” The mean market value on the date of the transfer will determine the value of the gift for tax purposes. Use the following transfer instructions: Account Name: Autism Alliance of Michigan (Tax I.D. Number – 27-0472137) Bank Name: Huntington Bank C/O: Financial Services Agent # 10048 DTC # 2305 – Huntington National Bank FBO (For the benefit of): Autism Alliance of Michigan Download Sample Letter To Share With Your Financial Institution
IRA Charitable Rollover
Retirees can give up to $100,000 to AAoM tax-free from an IRA and have it count as your required minimum distribution (RMD) for the year. Here’s what you need to know. The IRA Charitable Rollover law is now permanent and allows individuals 70½ or older to give up to $100,000 directly from their IRA to one or more qualified charities without paying federal income tax on the withdrawal. To make a gift to AAoM from your IRA, contact your IRA plan administrator and request a direct qualified charitable distribution from the IRA account to AAoM, a 501(c)(3) organization ( Tax ID 27-0472137).
Frequently Asked Questions
Can I withdraw the money from my IRA and then write a check to charity, or do I need to transfer the money directly?
The tax-free transfer won’t count if you withdraw the money from the IRA first then make a contribution to AAoM. You can take a charitable deduction for your contribution in that case, the IRA withdrawal will be included in your adjust gross income. You need to transfer the money directly from the IRA to AAoM for it to count as the tax-free transfer. Ask your IRA administrator and AAoM about making a direct transfer, or you can have the IRA administrator send a check from your account to AAoM. If you have check-writing privileges for your IRA, you can write a check to AAoM. Let AAoM know the contribution is coming from you so AAoM can properly track and acknowledge your gift. See contact information in last paragraph below.
Can I give my RMD to charity now?
Even though you can take your RMD anytime during the year you turn age 70½ (or until April 1 of the year after you turn 70 ½) you have to wait until you actually turn age 70 ½ to make the tax-free transfer to AAoM.
Can I give my 401(k) RMD to charity?
No. You can only make the tax-free transfer from an IRA, not from a 401(k).
How much can I transfer from my IRA to charity? Can I transfer more than my RMD? I’ll be 70½ in a few months.
Yes, if you are 70½ or older, you can transfer up to $100,000 to AAoM tax-free each year – even if that’s more than your RMD. The money counts as your required minimum distribution but isn’t included in your adjusted gross income.
Need More Help?
Contact the Office of Development at Info@aaomi.org or call 877-463-AAoM (2266).