Dear Friends and Members,
We’re excited to launch emails from the Y’s Heritage Club. Heritage Club members support the community and the mission of the Y through “planned” charitable gifts – or gifts that utilize tax planning strategies or deferred gift giving. You can make a gift and receive tax benefits and with tax season quickly approaching, this is top of mind for many individuals. Your support allows us to help more people – today!
For example, you can make a qualified charitable distribution from your IRA directly to YMCA of the Foothills. If you are 72 and older, you will need to take required minimum distributions from your retirement account, but this is counted as taxable income. If you are not in need of all of the income you can:
- Use some of your required minimum distribution to make a charitable gift to the YMCA of the Foothills, if you are 72 or older.
- The amount of your gift will not count as income for the year, which may keep you in a lower tax bracket.
- Give up to $100,000 (or $200,000 per couple) per year in total to all of your favorite charities.
