Many people ages 70.5 and over support the PAN Foundation with tax-free gifts from their individual retirement accounts (IRAs).
IRA gifts, also known as qualified charitable distributions, come with great financial benefits.
IRA gifts to PAN can:
- Give immediate help to underinsured patients so they can get the care they need
- Reduce your future tax burden
- Help you fulfill your required minimum distribution for the current calendar year
Whether or not you are fully retired, the IRS requires you to make annual IRA withdrawals called Required Minimum Distributions (RMDs) once you reach the age of 72 (or if you reached 70½ before January 1, 2020).
RMDs are taxable income and can push you into a higher tax bracket, affecting benefits like your Social Security and Medicare. And if you don’t withdraw your RMDs, you could be fined a penalty on the amount not taken.
You can avoid these penalties like these by making a qualified charitable distribution from your IRA to a charity like PAN beginning at age 70½. Simply tell your IRA administrator to direct your IRA distributions to your charity of choice. Since the IRA distribution is coming directly to us, you do not report it as taxable income and will not have to pay any taxes related to your donated amount. In addition to avoiding these taxes, your IRA gift can truly make a difference!
Give from your IRA
Making a gift from your IRA is simple. Below are a few sample sentences to help you get started by asking your IRA administrator.
I am interested in making a gift to the Patient Access Network (PAN) Foundation from my IRA, as allowed by Sec. 408(d)(8) of the Internal Revenue Code of 1986. Please include my name and address along with my gift for PAN’s records.”
“It is my intention to make this gift to qualify during this calendar tax year. Therefore, please ensure my IRA gift is postmarked by December 31st.”
We also invite you to share PAN’s information with your IRA administrator. This will help them know exactly where to send your gift.
Our name: Patient Access Network Foundation
Our headquarters address: 805 15th Street, NW, Suite 500, Washington, DC 20005
Our mailing address: PO Box 716408, Philadelphia, PA 19171