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PATIENT PORTAL

Year End Giving

IRA CHARITABLE ROLLOVER

A simple Tax-Saving way to help Southern Coos

If you are 70 1/2 years old or older, you may be able to take advantage of a simple way to benefit the Southern Coos Health Foundation and the Southern Coos Hospital – and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity such as ours without having to pay income taxes on the money. Commonly called the IRA charitable rollover or the Qualified Charitable Distribution, or QCD.

Why consider this gift?

Your QCD gift will be put to use immediately, allowing you to see the impact of your donation. You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. If you reached the age of 70½ on or before Dec. 31, 2019, you can use your gift to satisfy all or part of your required minimum distribution for the year. If you turn 70½ on or after Jan. 1, 2020, you can use your gift to satisfy all or part of your required minimum distribution starting at the age of 72.

(Note: The RMD requirement has been waived for 2020, per the CARES Act signed into law on March 27, 2020.)

Because the gift doesn’t count as income, it can reduce your annual income level, which may help lower your Medicare premiums and decrease the amount of Social Security subject to tax.

NEXT STEPS
  1. Contact the Southern Coos Health Foundation at 541.329.1040 or foundation@southerncoos.org for additional information on giving an IRA gift.
  2. Seek the advice of your financial or legal advisor.
  3. Ask your IRA administrator/custodian about making a direct transfer to Southern Coos Health Foundation or have the administrator send a check from your account to us. (To be tax free, the donation must go directly from your account to Southern Coos Health Foundation).
  4. Sample Transfer Instructions to Southern Coos Health Foundation.

Legal Name: Southern Coos Health Foundation
Address: 900 11th Street, SE Bandon, OR 97411
Federal Tax ID Number: 26-1328991

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