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 the cost for Medicare and prescription drug coverage. So you can help The Prep and even limit the tax exposure on your forced distribution this year.
Please consult with your financial planner.
For more information about a Qualified Charitable Distribution from your IRA to satisfy your Required Minimum Distribution this year, please contact Matt Cannizzo '90, Director of Institutional Advancement at email@example.com
or at (973) 736-6861.