Gifts Through IRAs
A qualified IRA charitable distribution can benefit you and BSF.
If you are age 70½ or older, you can make gifts directly from your Individual Retirement Account (IRA) to BSF without paying income tax on the withdrawal.
- You must be age 70½ or older at the time the gift is made.
- You must request from your IRA plan custodian a direct transfer of funds to BSF Global Impact Corp. for the gift to be tax-free.
- Gifts can be any amount up to $100,000 each year and can also be used to satisfy your IRA-required minimum distributions.
Funds held in other types of retirement plans do not qualify but may be rolled over into an IRA, then used to make tax-free gifts to BSF. (This IRA Charitable Rollover provision was extended permanently by Congress in December 2015.)
It is important to know:
- IRA gifts are not deducted on your federal tax return. Instead, you simply avoid paying federal income tax on the required distribution because it is not included in your income.
- You may be able to make rollover transfers from your 403(b), 401(k) or other retirement plans to your IRA, then make gifts through your IRA.
- Whether IRA gifts are a good plan of stewardship based on your circumstances.
- You will want to verify whether or not your state income tax is also avoided.
You also may designate BSF as a beneficiary of part or all of your IRA.The following information should be used to name BSF as a beneficiary of your IRA:
Name: BSF Global Impact Corp.
Offices: 19001 Huebner Road, San Antonio, TX 78258
Federal Tax ID Number: 46-5517597
Our Legacy or Planned Giving partners can assist you in navigating these rules to increase your stewardship over the your gifts to BSF.