The gift that keeps on giving
Too many holiday gifts are gratefully opened, enjoyed for a bit, but soon forgotten.
This year, consider giving a different kind of gift—one that won’t be forgotten and will be appreciated for generations.
Those of us over 70 and a half years of age are required each year to take a distribution from our IRAs so Uncle Sam can realize his share of our savings. This distribution is not only added to our taxable income (and therefore our annual tax bill), but it may even push us into a higher tax bracket.
This year, consider asking your financial institution to send a portion of your IRA distribution directly to the SaddleBrooke Community Outreach Scholarship Endowment Fund. Distributions sent directly from your financial institution (such as Fidelity, Vanguard, etc.) to a qualified charity, such as SBCO, are exempt from federal taxes. This may not only reduce your end-of-year federal tax obligation, but may also prevent your distribution from placing you in a higher tax bracket. (As always, check with your tax advisor to determine the actual impact this donation will have on your taxes.) There is a minimum requirement of $5,000 to donate to the Scholarship Endowment Fund.
Only the interest earned on your donation is used to fund local scholarships, so your actual donation continues to provide scholarship assistance to local students for generations. Unlike other gifts you may be giving this holiday season, a gift of education is both timeless and priceless – and most certainly will not be forgotten.
For more information about the SBCO Scholarship Endowment Program, contact Ron Andrea at 520-904-4831 or [email protected].
Happy holidays from your friends at SaddleBrooke Community Outreach!