This year may be your last chance to save on your taxes when you use your Individual Retirement Account (IRA) to make a difference at Mass General. Individuals who are 70½ years old or older can make a gift from their IRA directly to Mass General and exclude the amount of the gift from their gross income for federal tax purposes. IRA distributions to qualified charities, like Mass General, count toward your required minimum distribution.
It’s easy to find out if you qualify:
- You must be 70½ years old or older at the time of the gift
- Your gift must go directly from your IRA to a qualified charity
- Gifts cannot exceed $100,000 per taxpayer
- Gifts must be made by Dec. 31, 2013
How do you make a gift with your IRA?
- Contact the institution holding your IRA and inform them that you want to make a qualified charitable distribution from your IRA to Mass General
- Complete the necessary paperwork to request the charitable distribution
- Notify Mass General and let us know how you want your gift to be used
Please note that the legislation that allows this tax-free rollover is scheduled to expire on Dec. 31, 2013, so this could be your last chance to use your IRA to do the most good for MGH while saving you the most on your taxes.
Contact Us to discuss how you can support a particular department or program at Mass General with your gift. Working together, we can be sure that your gift reflects your wishes and makes a lasting difference in MGH medicine.
Your giving makes great medicine possible. Thank you.