Be a lasting part of the Friends of Timberline legacy. Naming Friends of Timberline as a beneficiary in your will, trust, or bequests of property, stocks and holdings will enable Friends to continue its ongoing efforts to preserve Timberline Lodge, Oregon’s WPA treasure.
Our FOT Planned Giving Committee is available to you at your convenience to discuss the ideas you may have.
Charitable Contributions from your Individual Retirement Account
Those of us with snow on top are in the era of required mandatory distributions, or RMDs, from our IRAs. While yearly earnings and gains accumulate in an IRA tax-free, distributions from an IRA are taxed.
We who are donative-minded may recognize that current tax law provides a great incentive to those over the age of 70 1/2 to make modest or even substantial donations to nonprofits.
Under the Protecting Americans from Tax Hikes (PATH) Act of 2015, the authorization of “qualified charitable distributions” (QCDs) allows transfers to be made direct from an IRA to a recipient nonprofit organization. The direct contribution counts toward the required distribution for the tax year but comes out to the nonprofit tax-free.
For example, let's say a 72 year old man, we'll call him Emil, has a $30,000 RMD for the 2020 tax year and directs $10,000 to FOT. Emil will only have to withdraw another $20,000 to satisfy the RMD requirement. Emil will report only $20,000 of taxable income from his IRA.
Of course, Emil will not also claim a $10,000 deduction for the IRA direct donation, but nonetheless there may be significant resulting advantages. Among others, Emil’s adjusted gross income (AGI) for 2020 (on which several tax-related calculations and consequences are based) will be lower.
So when you take your shoe box full of tax receipts and paperwork to your CPA, please explore how use of an IRA-directed distribution to FOT might benefit you. Then check with your IRA custodian or administrator on the authorization required to direct the distribution; FOT can provide a request form for your use. It certainly will benefit FOT, and in turn, the projects that we undertake for our Mountain Treasure.
Start your own Named Fund
Consider establishing a named fund to honor a loved one or someone you admire. A minimum $25,000 investment will provide a fund to be utilized by FOT in a restricted or unrestricted manner as directed by the donor. Donors may add to their named fund at any time in order to increase the total. For details and assistance, contact FOT and we will respond to your inquiry promptly.
Our FOT Planned Giving Committee is available to you at your convenience to discuss the ideas you may have.
Charitable Contributions from your Individual Retirement Account
Those of us with snow on top are in the era of required mandatory distributions, or RMDs, from our IRAs. While yearly earnings and gains accumulate in an IRA tax-free, distributions from an IRA are taxed.
We who are donative-minded may recognize that current tax law provides a great incentive to those over the age of 70 1/2 to make modest or even substantial donations to nonprofits.
Under the Protecting Americans from Tax Hikes (PATH) Act of 2015, the authorization of “qualified charitable distributions” (QCDs) allows transfers to be made direct from an IRA to a recipient nonprofit organization. The direct contribution counts toward the required distribution for the tax year but comes out to the nonprofit tax-free.
For example, let's say a 72 year old man, we'll call him Emil, has a $30,000 RMD for the 2020 tax year and directs $10,000 to FOT. Emil will only have to withdraw another $20,000 to satisfy the RMD requirement. Emil will report only $20,000 of taxable income from his IRA.
Of course, Emil will not also claim a $10,000 deduction for the IRA direct donation, but nonetheless there may be significant resulting advantages. Among others, Emil’s adjusted gross income (AGI) for 2020 (on which several tax-related calculations and consequences are based) will be lower.
So when you take your shoe box full of tax receipts and paperwork to your CPA, please explore how use of an IRA-directed distribution to FOT might benefit you. Then check with your IRA custodian or administrator on the authorization required to direct the distribution; FOT can provide a request form for your use. It certainly will benefit FOT, and in turn, the projects that we undertake for our Mountain Treasure.
Start your own Named Fund
Consider establishing a named fund to honor a loved one or someone you admire. A minimum $25,000 investment will provide a fund to be utilized by FOT in a restricted or unrestricted manner as directed by the donor. Donors may add to their named fund at any time in order to increase the total. For details and assistance, contact FOT and we will respond to your inquiry promptly.
