Give Through Your IRA
Make a tax-free gift to CPC with an IRA
If you are 70 1⁄2 or older, you can give up to $108,000 from your Individual Retirement Account (IRA) directly to a qualified organization such as CPC without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution (QCS). And, if you’re 73 or older, you can take your Required Minimum Distribution (RMD) to support CPC’s ongoing work.
Why consider this gift?
- Your gift can make a difference today and keep CPC a vibrant gathering place for all New Yorkers.
- 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.
- Impact on Required Minimum Distribution (RMD)
If you are 73 or older, your gift may count towards your RMD for the year in which your check is issued and is excluded from your taxable income. - Possible Financial Planning Benefits
By making an IRA distribution to a charity, it won’t count as income, and it could lower your Medicare premiums and decrease the amount of Social Security subject to taxation. - No matter your age, you can always designate CPC as a partial or full beneficiary of your IRA or other retirement accounts.
To make a gift using your IRA
- Contact the financial institution where your IRA is held
- Provide instructions in writing to transfer the amount you wish directly to:
Chinese-American Planning Council, Inc.
45 Suffolk Street
New York, NY 10002 - And indicate that CPC is a qualified 501c3 charitable organization and include our Federal EIN# 13-6202692.
- Ask that they send the check directly to the Chinese-American Planning Council, Inc. It only counts as a QCD or RMD if the check goes from the financial institution directly to a charity.
- For any questions or so we can properly acknowledge your gift, please email Kaitlyn Mar at kmar@cpc-nyc.org or calling 212.941.0920 x 156.
IRA beneficiary designation: the easiest way to leave your legacy
Consider naming CPC as a beneficiary of your IRA to make a difference at CPC after your lifetime. Here’s why this tax-wise gift may be right for you:
A retirement plan or IRA is typically the largest source of assets that generate taxable income when paid to a beneficiary. If you are considering a gift to CPC after your lifetime, it may be better to leave taxable assets to a charity, and give nontaxable assets (such as stocks and real estate) to your loved ones.
To complete your gift, simply contact your retirement plan or IRA administrator (or visit their website) and complete a beneficiary designation form naming CPC as beneficiary and the percentage you’d like us to receive (1-100). Then mail it back to the plan administrator and keep a copy for your records. Beneficiary forms are filled out on your terms and can be changed at any time.
If you’d like additional information, or to notify CPC of your legacy plans, please contact Kaitlyn Mar at kmar@cpc-nyc.org or calling 212.941.0920 x 156.
If you would like to learn more about becoming a member of our Legacy Society, CPC’s community of legacy donors, please visit our website here (link to ‘make a planned gift’ page).
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. A copy of our most recently filed financial report is available from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or, upon request, by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY 10005, or us at 122 East 42nd Street, New York, NY 10168-1289. You also may obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.