For San Antonio ISD alumni and supporters of the progress in SAISD who are 70 1/2 years of age or older, you can roll over your IRA to benefit students. Rolling over your IRA required distribution or a portion of that distribution to the SAISD Foundation can make a difference for students AND minimize your tax bill. In fact, individuals can give up to $100,000 to a public charity tax free from their IRA. All rollover gifts to a charity count toward your required minimum distribution.
Although we think about these kinds of gifts at the end of the year, you can actually roll over your IRA to a public charity like the SAISD Foundation any time during the year. Congress made that change when they passed a law that permanently extends the Qualified Charitable Distribution provision. Read more on the IRS guidelines for IRAs here.
One important point is that you don’t have to itemize your deductions to get a tax benefit from your gift. Although we have provided basic information here and are happy to speak about this and other strategic giving opportunities, we always suggest you consult with an attorney or wealth advisor on what giving strategies are the best for you. If you do not have one, we can refer you to a professional in one of those areas who partners with the SAISD Foundation. Below is an excerpt from a piece we created to share more information about this opportunity. We would be happy to mail one your way.
Jerry Hernandez, featured left, is a 1965 Lanier High School graduate and one of a growing list of alum who are making a difference in the lives of SAISD students by reconnecting with and giving back to their alma maters. Not 70 1/2 years of age or older, but know an SAISD alumnus or supporter who is, share this information.
To learn more about this opportunity, contact Judy Geelhoed at email@example.com or call (210) 554-2235 to set up an appointment. We look forward to talking to you about this or other planned giving strategies that use future assets to benefit students in SAISD.