The Charitable IRA

The Charitable IRA

Once you turn 70 ½, you are required to take minimum distributions (RMD) from your Individual Retirement Account. To receive tax benefits in return, you can take advantage of a simple process for IRA rollover distributions that also benefit Stella Maris Academy, a non-profit organization, through a direct transfer. The IRA distribution form may require Stella Maris Academy’s tax identification number #27-3979509. Stella Maris Academy is a 501(c)(3) non-profit organization.

The benefit of an IRA charitable rollover allows donors to make tax-free charitable gifts of up to $100,000 per year, directly from your IRA to the Stella Maris Academy. These gifts count as part of your required minimum distribution from your IRA but aren’t taxable income to you. That’s a big benefit, particularly if you don’t itemize deductions on your individual tax returns. In addition, your gift will be put to use today, allowing you to see the difference your donation makes to our young students.

For IRA disbursement by check:*

Stella Maris Academy
Advancement Department
7654 Herschel Avenue
La Jolla, CA 92037

*Please ensure your financial institution sends your charitable distribution directly to Stella Maris Academy (and not to you) so that you receive tax benefits.

IRAs and Your Estate Plan

If you name Stella Maris Academy as a beneficiary of your IRA, your gift is free of taxes – providing a greater impact for your giving as well as flexibility in your planning with the ability to reduce taxes. While most gifts from a will or trust are subject to required estate deductions, because the Stella Maris is a 501(c)(3) non-profit organization, a gift from your IRA will be tax-free. The IRA beneficiary form will likely require Stella Maris Academy’s tax identification number #27-3979509.