Consider donating part or all of your retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, to help further our mission. With Greater Houston Community Foundation as your trusted philanthropic partner, you can leverage these assets to make a significant impact while experiencing potential tax benefits.
Benefits
• Avoid potential estate tax on retirement assets.
• Your heirs would avoid income tax on any retirement assets funded on a pre-tax basis.
• Receive potential estate tax savings from an estate tax deduction.
Did you know that 60%-70% of your retirement assets may be taxed if you leave them to your heirs at your death?
Another option is to leave your heirs assets that receive a step up in basis, such as real estate and stock, and give the retirement assets to a charitable fund at Greater Houston Community Foundation. We are not taxed as a charity upon receiving an IRA or other retirement plan assets.
How It Works
Things You Should Know
• Starting in 2024, donors aged 73 or older must take the annual required minimum distributions (RMDs) from their retirement accounts. However, qualified charitable distributions (QCDs) from IRAs can satisfy RMDs and provide a tax-efficient way to support charitable causes.
• Qualified Charitable Distributions (QCDs) allow donors who are age 70 1/2 or older to transfer up to $105,000 per year directly from their IRA to qualified charities, Field of Interest Funds, and Designated Funds, without counting it as taxable income. Qualified Charitable Distributions cannot be transferred to Donor Advised Funds.
• Not all retirement accounts may be eligible for charitable donations. Typically, traditional IRAs, Roth IRAs, 401(k) plans, 403(b) plans, and certain other retirement accounts qualify.
Unlock the full potential of your philanthropy by donating retirement assets to Greater Houston Community Foundation. As your trusted philanthropic partner, we specialize in navigating complexities and ensuring your contribution makes a meaningful impact. Connect with us today to streamline the process and enhance the effectiveness of your charitable giving.