United States residents over age 70 1/2 may distribute up to $100,000 annually from their Individual Retirement Account (IRA) directly to qualifying charities, like the Radio Amateur Satellite Corporation (AMSAT), without first having to declare the distribution as income. That means your income will not increase, enabling you potentially to remain in a lower tax bracket for income taxes and possible Medicare premium surcharges. Donating directly from your IRA to AMSAT could have more tax advantages for you than a direct personal donation, depending on your personal tax situation.
To make this kind of donation, first contact the custodian of your IRA plan (e.g., the bank, mutual fund, brokerage, insurance company, etc.) that manages your IRA, and instruct that you wish to make a donation to AMSAT directly from your IRA.
The check from the custodian must be made payable to the Radio Amateur Satellite Corporation. Your custodian will then send you a 1099 form showing you, as the owner of the IRA, did not receive the income for your personal use. Most custodians will have you complete a direct donation form, and will mail the check directly to AMSAT.
AMSAT greatly appreciates any size donation from your IRA. Please call the AMSAT Office at 301-822-4376 for help with any information or mailing instructions required by your IRA custodian.
AMSAT strongly encourages those interested in supporting AMSAT through an IRA to consult with their attorney, accountant, and tax preparer or financial advisor to determine the implications and impact of such a gift on your personal situation.
Thank you for supporting AMSAT!
The Radio Amateur Satellite Corporation is an IRC 501(c)(3) organization (tax identification number 52-0888529).
