Support Freire Schools IRA Charitable Rollover
IRA Charitable Rollover
If you are 70 ½ or older, the IRA Charitable Rollover is a tax-wise way to support Freire Foundation, our 2,000 students, and our four campuses: Freire Charter High School, Freire Charter Middle School, Freire Charter School Wilmington and TECH Freire Charter High School. You may make outright gifts of up to $100,000 per year to Freire Foundation from your IRA and avoid federal income taxation on the distribution. For gifts to be counted toward the required minimum distribution for 2018 transfers must be made by December 31, 2018.
To execute an IRA Charitable Rollover, please contact your IRA administrator. S/he will have specific instructions for making your distribution. For a sample transfer request form, please click here.
Please be sure to alert Hillary Sorin at Freire Foundation that your IRA gift is on the way so we can process it. Hillary can be reached at Hillary@buildthefuture.org or 267-583-4462.
What are the benefits?
- Transfer tax-free gifts from your IRA directly to Freire Foundation.
- These gifts may be applied toward your annual Required Minimum Distribution.
- This process may be beneficial for individuals who do not itemize deductions on their income tax returns.
- Withdrawals are not subject to annual charitable deduction limitations.
- Donors must be age 70 ½ or older at the time of transfer.
- The maximum amount a donor may transfer is $100,000.
- The gift must be outright; gifts to donor advised funds or to life income vehicles do not qualify.
- The gift must be transferred directly from the IRA account by the IRA administrator to Freire Foundation. Donors with check-writing ability for their IRAs may use this feature to complete their gift.
Important: Be sure to check with your financial advisor to determine whether this process is right for you. This information is not meant as tax or legal advice.