If you are 70½ years old or older, you can take advantage of a simple way to benefit Blue White Scholarship Foundation and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money. To see more about how this provision of the tax law works, Gifts of IRA Accounts.pdf.
Why Consider this Gift?
Your gift will be put to use today, allowing you to see the difference your donation is making.
You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
If you have not yet taken your required minimum distribution for the year, then donating the full or partial amount is a great way to satisfy your RMD without reporting additional income.