Alumni Newsletter:
Those of you 70½ and older have a unique opportunity to help JABSOM – and your IRA is the key!
You may donate up to $100,000 each year from your IRA to JABSOM without having to pay income tax on the IRA distribution.
To take advantage of this law –
• You must be at least 70½ years of age;
• The distribution must go directly from your IRA to UH Foundation for JABSOM;
• There is a $100,000 per taxpayer limit per year;
And, yes –
• Your qualified charitable distribution can be used to satisfy your required minimum distribution (RMD);
• This is an ideal way to pay an outstanding pledge tax-free;
• Your spouse may also give up to $100,000 each year if he or she has an IRA and is 70½ or older.
But, no –
• You will not receive a charitable tax deduction for this already tax-free gift from your IRA.
Mahalo for thinking of JABSOM during your year-end planning. Please consult a tax professional if you are considering a gift under this law or contact JABSOM Associate Director of Development, Julie Inouye, at 808-692-0873 or email her at julie.inouye@uhfoundation.org.