Donate from your retirement account annually or by a legacy gift by naming Pacific Battleship Center, a 501c3 non-profit organization.
What is the difference between” tax deductible” and “tax free” charitable donations? The tax deductible is straight forward. The tax free is a little more complicated.
Anyone who that has an IRA and is over 70 1/2 is required to draw down their IRA each year. This is called a Required Minimum Distribution (RMD). If a recipient elects to donate their RMD to a 501(c)(3) organization, the amount of the donated RMD is not taxable, making it or 100% tax free. In this case, the donor must take the necessary steps to transfer the money directly from the IRA account to the 501(c)(3) recipient. Up until a few to two years ago Congress had to approve the tax rule each year. Now the rule is permanent.
Please consult your tax professional for more information.
Name Pacific Battleship Center to receive all or a percentage of the unused balance of a retirement account.
Simply request a beneficiary designation form from your financial institution and complete it as follows:
Enter the Tax ID# if asked for the beneficiary’s social security #, employer identification # (EIN) or taxpayer identification #.
Please remember to check once a year with your financial institution to confirm that your beneficiaries are accurate and up-to-date.