American Red Cross of Northwest Florida
222 N Baylen Street, Pensacola, FL 32502
Telephone: (850) 432-7601 | Fax: (850) 607-8221
222 N Baylen Street, Pensacola, FL 32502
Telephone: (850) 432-7601 | Fax: (850) 607-8221
American Red Cross
Northwest Florida Chapter     
Gift Ideas
with Your IRA
Increase Your Annual Giving. IRA funds are heavily taxed whenever you or your heirs draw them out, at rates as high as 35%. Through 2007, however, you can divert the tax collector’s levy on your IRA to the American Red Cross. Example: Suppose you normally send the Red Cross a check for $1,000 every year. Instead of writing a check, you could instruct your IRA trustee to send us $1,333. If you had withdrawn $1,333 from your account, the tax would have been $333 (assuming you are in a 25% tax bracket.) That $333 now can be used to support our programs – and you will have increased your giving by one-third, all paid for by the IRS. Major Gifts Marie has planned to leave the American Red Cross most of her IRA at her death, but confides she would prefer to see her gift at work now, during her lifetime. Under the old law, removing money from her IRA for charitable contribution purposes might not have been fully deductible and presented other adverse tax consequences. Now Marie plans to direct a $100,000 gift to the Red Cross from her IRA in 2007. Annual Distribution Gifts Many people who are past age 70 find they have no need for their required annual IRA payments. Charles, for example, must withdraw at least $20,000 from his IRA this year, even though he doesn't’t need the money for living expenses. If Charles wishes, he can transfer the $20,000 to the Red Cross instead of taking any distributions and reduce his federal taxes by $5,600 in his 28% tax bracket. To make an IRA contribution, simply contact your IRA trustee or custodian utilizing the provided "IRA Rollover letter template" of instruction as guide. It is also very important to notify our Office of Planned Giving of your plans to ensure proper transfer and receipting of your gift. If you would like more information on donating stock or any of the topics listed on this page, please contact Jerry Kindle at kindlej@usa.redcross.org or 1-800-773-7620. |
