If you are over 70 ½ and thus must make a Required Minimum Distribution (RMD) from your IRA this year, you may want to consider using your forced distribution to make a gift to The Prep instead of paying the otherwise due federal taxes on it. Many alumni use this now permanent law to their advantage by reducing their Adjusted Gross Income (AGI) which could reduce their cost for Medicare and prescription drug coverage. So you can help The Prep and even minimize your tax exposure this year. Please consult with your financial planner.
Here is an example
of a Prep alumnus - Jeff Gausepohl '61 - who has been using his Required Minimum Distribution (RMD) from his IRA for several years now to help strengthen The Prep and minimize the federal taxes due on his forced IRA distribution.
For more information about a Qualified Charitable Distribution from your IRA to satisfy your Required Minimum Distribution (RMD), contact Matt Cannizzo '90 at email@example.com
or at (973) 736-6861.