You can make a lasting impact for athletes today.
If you would like your gift to take action immediately, there are several smart and powerful giving options to explore. Here are some ways that you can help us create a better world through acceptance and inclusion right now.
Read about Donor-Advised Funds
Qualified Charitable Distribution from Your IRA
You can transfer funds from your IRA directly to Special Olympics. This is an effective way to have an immediate impact on creating a world of acceptance and inclusion. You may use this gift to satisfy the required minimum distribution from your IRA while reducing your taxable income, even if you don’t itemize.
Here’s how it works:
- You must be 70½ 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.
- An individual may take a one-time QCD up to $50,000 to fund a charitable gift annuity (CGA) or charitable remainder trust (CRT).
- 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 toward 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 Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 has tax, retirement and estate planning implications for many people.
- The SECURE Act raises the required minimum distribution (RMD) age. If you turn 70½ on or after January 1, 2020, you can now wait until you are 73 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 70½. However, if you make IRA contributions after age 70½, 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 70½ (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.
Memorial or Tribute Gift
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 help athletes succeed on the playing field and in life.
To honor someone special in your life, please use this donation form to share your intentions.
Gifts of Securities
You can use stocks, bonds and mutual funds that have appreciated in value to unleash the transformative power and joy of sports. You may receive a charitable income tax deduction for the full market value of the stock (up to a maximum of 30% of your adjusted gross income) and avoid paying the capital gains tax on any increase in the value of the stock.
If you’re interested in this popular way to support Special Olympics, download our easy-to-use form here.
Gift of Property
You can give gifts of property, including artwork, jewelry or other assets. If the property is related to Special Olympics’ charitable purpose, the deduction is based on fair market value. If property is considered unrelated to Special Olympics’ charitable purpose (this is more common), the deduction is based on the lesser of its fair market value and its cost basis.
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.
Gifts of Cash
A donation of cash is the most direct way to support Special Olympics. You benefit from a charitable tax credit while supporting our athletes right now.
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
2600 Virginia Avenue NW
Washington, DC 20037