Giving
IRA
Tax-Smart IRA Charitable Giving
Did you know your IRA can be a tax-savvy way to support Falmouth Academy? By making a Qualified Charitable Distribution (QCD), also known as an 'IRA Charitable Rollover,' you can give tax-free while meeting your Required Minimum Distribution (RMD). It's a smart way to make a meaningful impact today.
What is a Qualified Charitable Distribution? (QCD)
A Qualified Charitable Distribution (QCD) is a distribution of funds from your IRA directly to a qualified charitable organization such as Falmouth Academy. Because the gift goes directly to the charity without passing through your hands, the dollar amount of the gift may be excluded
from your taxable income up to a maximum of $105,000 annually ($210,000 for a couple filing jointly).
Please consult your tax advisor for information regarding your specific exceptions.
To learn more about QCDs, please visit IRS.gov » https://www.irs.gov/publications/p590b
from your taxable income up to a maximum of $105,000 annually ($210,000 for a couple filing jointly).
Please consult your tax advisor for information regarding your specific exceptions.
To learn more about QCDs, please visit IRS.gov » https://www.irs.gov/publications/p590b
Who Is Eligible to Make a QCD Gift?
QCDs can be made by IRA owners who are age 70½ or older. Your tax advisor can provide additional information on your specific financial situation. Your QCD must be made directly from your IRA administrator to Falmouth Academy on your behalf. Follow your financial institution’s
QCD procedures to ensure you receive any potential tax benefits associated with this gift.
In order to make a QCD from your IRA to Falmouth Academy, your IRA administrator will need the following information:
QCD procedures to ensure you receive any potential tax benefits associated with this gift.
In order to make a QCD from your IRA to Falmouth Academy, your IRA administrator will need the following information:
Nonprofit Name: Falmouth Academy Inc.
Tax ID: 04-2620156
Address: 7 Highfield Drive, Falmouth, MA 02540
Steps to Initiate Your QCD
- Download and complete FA's rollover gift initiation form via the green button
- Send the completed form to your IRA administrator, who will complete your distribution
- Let us know after you’ve initiated a QCD by sending the details of your gift to development@falmouthacademy.org.
Other Ways to Give
If a QCD is not right for you now, please consider one of the many other ways you can support our mission.
List of 4 items.
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Insurance Policy or IRA
You may name Falmouth Academy as the beneficiary of an insurance policy or Individual Retirement Account (IRA). Since you remain the owner of the policy or IRA, you may change the beneficiary at any time. Thus, this type of gift does not take effect until the death of the donor, at which time it is eligible for an estate tax deduction. An IRA is a particularly good choice for making charitable gifts because FA will receive the full amount of the IRA without reduction for income taxes. -
Life Income Gifts
Life Income Gifts such as a Charitable Remainder Trust can provide you tax advantages, an income in your lifetime, and a sizable legacy gift to the school. A remainder trust allows a donor to transfer assets to a trust and reserve the right to retain income from the asset for life or a period of years. A gift to a Charitable Remainder Trust is eligible for an income tax deduction currently and an estate tax deduction for the remainder paid to Falmouth Academy when the trust terminates. When the assets are sold or reinvested by the trustees, capital gains tax is also avoided. A Charitable Lead Trust allows a donor to transfer assets to a trust from which the income is paid to FA for a specified period. At the end of that period, the assets may be distributed or held for a donor’s beneficiaries. This type of trust may reduce a donor’s current income tax liability for the term of the trust, while ultimately preserving the underlying assets for loved ones. Always consult your own trusted financial advisors and tax attorneys for the most up to date information about these kinds of opportunities. -
Qualified Charitable Distribution
Individuals who are 701/2 or older may make a Qualified Charitable Distribution (QCD), which permits annual direct transfers to Falmouth Academy totaling up to $105,000 of tax-deferred IRA savings. QCDs may be made from any IRA or individual retirement annuity, but not from a simplified employee pension, a simple retirement account or an inherited IRA. -
Will or Trust
A will or trust is the cornerstone of an estate plan. Including Falmouth Academy in your will or trust is as easy as including “To Falmouth Academy at 7 Highfield Drive in Falmouth, Massachusetts, I leave _____.” You may specify a certain dollar amount, a specific property, a stated percentage of your estate, or the remainder of your estate. You may also stipulate that the gift support a particular purpose. Unrestricted planned gifts are customarily directed by the Board of Trustees toward the endowment for the fiscal sustainability of the school.
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