You can lead the way to inclusion and immediately empower athletes to shatter stereotypes and exceed their personal bests on the playing field and in life.
Here are some ways that you can make a real impact right now.
Here’s how it works:
- You must be 70 ½ or older.
- An individual may transfer up to a total of $100,000 per year and a married couple may give up to $200,000.
- Your gift must be transferred directly from your IRA account to Special Olympics.
- Your gift is a transfer of funds from your IRA to Special Olympics, so while you do not receive a charitable deduction, it does not create taxable income for you.*
- The transfer of funds can count towards your annual Required Minimum Distribution from your IRA.*
If you’re interested in this popular way to support Special Olympics, download a sample letter for your IRA administrator here.
The new Setting Every Community Up For Retirement Enhancement (SECURE) Act, just signed in December 2019, has tax, retirement, and estate planning implications for many people.
- The SECURE Act raises the Required Minimum Distribution (RMD) age. If you turn 70 ½ on or after January 1, 2020, you can now wait until you are 72 before you are required to take your Required Minimum Distribution from your IRA.
- You may still make a gift to Special Olympics and other charities through a Qualified Charitable Distribution starting at age 70 ½. However, if you make IRA contributions after age 70 ½, as allowed under the SECURE Act, the amount you have available for qualified charitable distributions is reduced. Please consult your tax or financial advisor to learn how this may impact you.
- The SECURE Act repeals the maximum age for making IRA contributions. You can now contribute to your IRA even if you are over age 70 ½ (subject to annual limitations).
- The SECURE Act decreases the time over which inherited IRAs may be distributed. Inherited IRAs must now be distributed completely within 10 years of the IRA owner’s death, unless the IRA beneficiary is the surviving spouse; disabled or chronically ill; less than 10 years younger than the owner; or the owner’s minor child. Under these rules, naming Special Olympics as a beneficiary of your IRA may be an even smarter charitable planning decision.
An Exception for Beneficiaries with Special Needs
The SECURE Act makes exceptions for IRA beneficiaries who are considered disabled according to the IRS. These individuals can receive the funds in the form of required minimum distributions based on their life expectancy rather than within 10 years. Also excluded from the 10-year rule are beneficiaries who are considered chronically ill or who are less than 10 years younger than the account owner.
But what happens if an IRA owner wants to designate as the beneficiary a person with a disability who is also the beneficiary of a special needs trust (SNT)? The new law states that the IRA owner can designate an SNT as the beneficiary, and the trustee can use the required minimum distributions to pay for the care and support of the person with special needs. This information is not legal advice. Please seek advice from your attorney at all times.
When you make a memorial or tribute gift to Special Olympics and honor someone special in your life, you’re expressing your love, admiration and gratitude in a very meaningful way. Your gift will honor your loved one and empower athletes on the playing field and in life.
To honor someone special in your life, please use this donation form to share your intentions.
If you’re interested in this popular way to support Special Olympics, download our easy-to-use form here.
If you have any questions about gifts of property, please contact us. We would be happy to assist you and answer any questions that you have.
You can make your gift online with our secure online donation form or by sending a check or money order by mail to:
Attn: Web Gifts
1133 19th Street NW
Washington, DC 20036
If you are sending a check or money order, please let us know if you would like your gift to be used for a specific purpose.