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In many cases, people over the age of 59 ½ who itemize charitable deductions can withdraw retirement funds and give them to the FCNL Education Fund. while claiming an offsetting charitable deduction. The amount you withdraw will be "taxable income" to you, but the income tax can then be offset by the charitable deduction. Please check with your financial advisor to see if this is something you can take advantage of.
Tax-Free Charitable Giving Through IRA Distribution
If you are 70.5 years of age or older and have an IRA, you can donate a portion of the IRA to your favorite charity (such as the FCNL Education Fund!) and owe no tax on the withdrawal. Find out more.
Name the FCNL Education Fund as a Beneficiary in Your IRA
Did you know that the FCNL Education can be named as a beneficiary for your IRA? Naming the FCNL Education Fund as a beneficiary for your 401(k) or 403(b) plan can eliminate estate tax your IRA plan would be subject to as well as the income tax the balance of your IRA account is subject to when received by a non-charitable beneficiary. Please check with a tax advisor to see if your estate can benefit from this.
More Ways to Give
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