BE TAX-SMART! Donors who are 72 or older can direct all or part of the IRS’ annual required minimum distribution (up to $100,000 per individual) from a traditional IRA to Park City Community Foundation. By doing so, you reduce your taxable income while simultaneously benefitting our community.
Your benefits include:
- The opportunity to direct the IRA distribution to create a new fund, add to an existing fund, or satisfy an existing pledge to Park City Community Foundation. (Note, an IRA gift cannot be directed to a donor advised fund.)
- The gift will not be counted as income and the IRS will consider your required minimum distribution fulfilled. You may save thousands of dollars because you will not pay tax on your IRA distribution.
- Most important, your gift to Park City Community Foundation will improve the lives of people in greater Park City, protect our environment, and help connect Parkites to the wonderful place where we live, work, and play.
How to make your gift:
- Contact your IRA custodian, requesting that a specified amount of your distribution be made directly to Park City Community Foundation, Tax ID 30-0171971.
- Notify us that your gift is on the way and let us know how you would like it to be used.
Thinking of leaving a bequest? You can also designate Park City Community Foundation as an eventual beneficiary of your IRA.
Contact us with any questions: Kitty Northrop Friedman, firstname.lastname@example.org or (860) 597-7284.
As with other important financial decisions, please consult legal and financial professionals for advice on how to make choices to maximize the benefits of your estate.