IRA Charitable Gifts
As you plan your Required Minimum Distributions (RMD) for the year, consider using your IRA account to make the most of your gift to WMRA. Giving through your IRA can satisfy your RMD for the year and may reduce your taxable income, even if you do not itemize deductions.
For our supporters aged 73 and above, an RMD is an important annual financial consideration. WMRA offers two distinct ways to contribute from your IRA, each with its own benefits:
Required Minimum Distributions (RMDs)
- Age Applicability: At age 73, RMDs must commence from your IRA, which are treated as taxable income.
- Tax Implications: Utilizing your RMD for a charitable gift could help reduce your taxable income, even if deductions aren't itemized on your tax return.
IRA Charitable Rollover
- Starting Age: Individuals 70 1/2 or older can initiate a direct transfer, known as an IRA Charitable Rollover, to WMRA.
- Tax Benefits: The transferred amount may not count as taxable income and can satisfy your RMD requirements, potentially leading to tax savings.
- Contribution Cap: You may transfer up to $100,000 annually without incurring taxable income.
Executing Your IRA Gift
To actualize your gift to WMRA, follow these steps:
- Initiate Transfer: Contact your IRA administrator to arrange a direct transfer. WMRA can receive cash or stock via this method.
- Cash Gifts: Instruct your IRA custodian to direct cash gifts to:
WMRA983 Reservoir St.
Harrisonburg, VA 22801
Federal Tax ID # 54-6001756
- Stock Gifts: For stock contributions, direct transfers to the JMU Foundation for WMRA's benefit at:
JMU FoundationFoundation Hall
MSC 8501
1031 Harrison Street
Harrisonburg, Virginia 22807
JMU Foundation Federal Tax ID# 23-7156305
Follow-Up
After arranging your gift, inform WMRA of your contribution to ensure proper acknowledgment and to celebrate your commitment to our mission.
Contact for Assistance
Scott Lowe - WMRA Membership Director
Email: loweem@jmu.edu
Phone: 540-568-3806
Additional IRS Guidance on Required Minimum Distributions
Additional Guidance on Stock Gifts through the JMU Foundation