Donations

Donations

JGSGW is a tax-exempt 501(c)(3) non-profit organization (tax ID #52-1228588) and gifts are tax-deductible to the full extent of the law. Gifts may be sent to:

    JGSGW
    PO Box 1614
    Rockville, MD 20849-1614

IRA Charitable Rollover

As part of the "Fiscal Cliff" legislation, Congress has extended the IRA Charitable Rollover for 2013, and, for a short period of time, for 2012 income tax purposes as well. The IRA Charitable Rollover allows individuals ages 70½ and older to make direct transfers from their IRAs — up to $100,000 per year — to organizations like JGSGW. This can help fund JGSGW without the donor having to count the transfer as income for federal tax purposes.

For 2012, donations made by the end of January 2013 may be deducted on your 2012 income tax return, in accordance with law. In addition, donors who received IRA distributions after November 30, 2012 but before January 1, 2013 who made a gift of an equivalent amount in cash to JGSGW before February 1, 2013, may treat the transaction as a 2012 qualified charitable distribution and if applicable, their 2012 Required Minimum Distribution. (See your tax advisor if you need further information.)

The rules for making a gift from your IRA are:

You must be 70½ or older at the time of the gift.
Your gift must be made directly from your IRA custodian to JGSGW. If you wish to contribute retirement assets in 401(k) or 403(b) accounts, you must first transfer those funds into an IRA and then make the transfer to JGSGW.
Your gift counts toward your required minimum distribution.
You will not pay federal income taxes on the withdrawal for the gift, so you cannot claim an income tax charitable deduction for the gift.

Certain states may not exclude gift amounts withdrawn from an IRA for state income tax purposes. When planning your gift, please be sure to check with your plan provider or tax preparer on whether your state of residence will tax your intended charitable distribution.

Advantages of giving through an IRA Charitable Rollover include:

Convenience - It is a very simple and easy way to make a gift.
Standard Deduction Benefit - With an IRA charitable rollover, you may take the standard deduction. Since the IRA rollover is not included in income on your return, it may reduce your taxes.
Lower Tax on Social Security - Because of an IRA distribution, you may be paying tax on up to 85% of your Social Security. Using the IRA charitable rollover may lower your income such that Social Security is taxable at a lower rate.
No Giving Limits - With an IRA charitable rollover, you may give more than the usual deductible amount of 50% of income (subject to the $100,000 maximum contribution limit).

Procedures for making the gift:

to obtain a copy of our IRS 501(c)(3) Determination Letter.
Request an IRA Charitable Rollover gift form from your IRA custodian. If the custodian does not have such a form, you may obtain a letter here.
Fill out the gift form and send it, along with the copy of our IRS 501(c)(3) Determination Letter, directly to your IRA custodian. Please do not send them to JGSGW.
Notify or the that the gift has been made, since we will not otherwise know the source. When your gift is received, we will send you an acknowledgement letter for your records.

To learn if an IRA Charitable Rollover is right for you, please discuss with your tax advisor. For general information, contact by email.