In January 2020, new IRS rules went into effect regarding Individual Retirement Accounts. Now, if you have an Individual Retirement Account (IRA) and you are 72 years of age or older, Federal rules require you to make an annual minimum withdrawal. This is an increase in age from previous years.
Many people choose to rollover all or a portion of the required minimum distribution to charitable organizations, partially because doing so can reduce their taxable income. That means Lowell Observatory donors can give more with less! This may be an attractive giving option for you if you are:
- Over 72 and now receiving minimum IRA distributions—but do not need the extra income.
- Interested in making a significant gift to impact Lowell Observatory.
- Want to make a gift to Lowell annually.
Those who meet the age requirement can transfer up to $100,000 per year directly to an eligible charity without paying income tax on the transaction.
An annual IRA gift to Lowell Observatory helps continue our mission of astronomical exploration, public education and preserving Lowell’s scientific legacy.
Check with your retirement account manager to find out how you can support Lowell Observatory through an IRA gift and enjoy a substantial tax advantage.
Many companies offer matching gift programs that allow their employees to match, double, or triple their gifts to the Lowell Observatory Foundation. Contact your employer or click here to find out your company’s matching gift policy.
Several approaches are available for gifts of real estate, and donors are usually entitled to an income tax deduction.
Much like a gift of stock, donating cryptocurrency is a non-taxable event, meaning you do not owe capital gains tax on the appreciated amount and can deduct it on your taxes. This makes cryptocurrency donations one of the most tax-efficient ways to support our mission. Lowell Observatory works with the Our Change Foundation to process your donation. Click here to make your crypto gift.