By making a gift from your Individual Retirement Account (IRA), you can support your hungry neighbors—and you may be able to take advantage of tax savings.
Under the Taxpayer Relief Act of 2015, if you are over the age of 70½, you can distribute up to $100,000 per calendar year from an IRA to a non-profit organization such as the Food Share, tax-free. This can be especially advantageous to IRA owners who are required each year to take their minimum distributions—which are then included in their taxable income. An IRA gift that is directed to an organization such as the Food Share, counts toward the required minimum distribution, but is not included in the IRA owner’s taxable income. This is known as an IRA charitable rollover or a qualified charitable distribution.
To make an IRA charitable distribution:
- You must be 70 ½ or older at the time of the distribution.
- Have your IRA administrator make the distribution directly to Marion Polk Food Share at 1660 Salem Industrial Dr. NE, Salem, OR 97301.
- The Food Share’s tax-ID number is 94-3034161.
If you have any questions, please contact Corrina Hawkins, Director of Donor Relations, at or call 503-581-3855 and she will assist you.
This information is not intended as financial or legal advice. Please consult your professional advisors for advice before taking any action.