Give from your IRA account

If you are 70½ years old or older, you can take advantage of a simple way to support Dignity Health Sequoia Hospital and receive tax benefits in return. You can give up to $100,000 from your IRA directly to a qualified charity such as Dignity Health Sequoia Hospital without having to pay income taxes on the money.

Why Consider This Gift?

  • Your gift will be put to use today, allowing you to see the difference your donation is making.

  • 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 have not yet taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement.

It is wise to consult with your tax professional if you are contemplating making a charitable rollover gift from your IRA account.

Please feel free to contact Paul Richardson at (650) 367-5712 or paul.richardson@dignityhealth.org  with any questions you or your advisor may have.

 

Frequently Asked Questions

Q. I've already named Dignity Health Sequoia Hospital as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?
A. If you are 701/2 or older, by making a charitable rollover gift this year of up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.

Q. I'm turning age 70½ in a few months. Can I make this gift now?
A. No. The legislation requires you to reach age 70½ by the date you make the gift.

Q. Can I use my IRA distribution to pay for a sponsorship or event registration?
A. No. The legislation requires no goods or services can be received by the donor in exchange for the IRA gift.

Q. I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
A. Yes. Direct rollovers to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, 401(k), or 403(b) plan into an IRA and then make the transfer from the IRA directly to benefit Dignity Health Sequoia Hospital. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.

Q. Can my gift be used as my required minimum distribution under the law?
A. Yes, absolutely. If you have not yet taken your required minimum distribution, the IRA charitable rollover gift can satisfy all or part of that requirement. Contact your IRA custodian to complete the gift.

Q. Do I need to give my entire IRA to be eligible for the tax benefits?
A. No. You can give any amount under this provision, as long as it is $100,000 or less this year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.

Q. I have two charities I want to support. Can I give $100,000 from my IRA to each?
A. No. Under the law, you can give a maximum of $100,000. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.

Q. My spouse and I would like to give more than $100,000. How can we do that?
A. If you have a spouse (as defined by the IRS) who is 70½ or older and has an IRA, he or she can also give up to $100,000 from his or her IRA.

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor.

 

The Sequoia Hospital Foundation is a nonprofit corporation as provided under sections 501(c)(3) and 509(a)(3) of the Internal Revenue Code.  Section 501(c)(3) recognizes the Sequoia Hospital Foundation as a charitable organization exempt from federal income tax, while section 509(a)(3) recognizes that as a “supporting organization” it is our mission to support Dignity Health Sequoia Hospital, itself a public charity.

In accordance with our 509(a)(3) “supporting organization” status, specific giving methods such as IRA rollovers must be directed by the donor to Dignity Health Sequoia Hospital instead of the Sequoia Hospital Foundation.  Similarly, some private and community foundations limit their giving to only certain types of nonprofit organizations. In these cases, sometimes gifts, including those from donor advised funds, must be directed to Dignity Health Sequoia Hospital as well. As with all giving, the Sequoia Hospital Foundation will work with donors to facilitate their gifts and to steward all gifts appropriately.

Contributions are tax deductible in accordance with state and federal regulations.