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Dow Bay Area Family YMCA

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Dow Bay Area Family YMCA
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Giving From Your IRA

Giving From Your IRA

Do you want to make a difference today and save on taxes? Help support Dow Bay Area Family YMCA through your IRA!

for Those 70½ Years Old and Older

You can give any amount (up to a maximum of $108,000) this year from your IRA directly to a qualified charity without having to pay income taxes on the money.

Gifts of any value $108,000 or less, are eligible for this benefit and you can feel good knowing that you are making a difference at the Y. This popular gift option is commonly called the IRA charitable rollover. Still, you may also see it referred to as a qualified charitable distribution, or QCD for short.

  • Your gift will be put to use today, allowing you to see the difference your donation is making.
  • If you are required to take minimum distributions, you can use your gift to satisfy all or part of your obligation.
  • You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
  • Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.

FAQS

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No. You must be 70½ by the date you make the gift.
 

Required Minimum Distributions (RMD)

  • Mandatory minimum annual withdrawals starting with the year the account owner turns 70½ or, if later, the year of retirement
  • Rules apply to all employer-sponsored retirement plans and all IRA-based plans including Traditional, SEPs, Simple IRAs, etc.
  • RMD is calculated for each IRA account by dividing the prior December 31st balance of the account by a life expectancy factor published by the IRS
  • Excess distributions for one year cannot be applied to the RMD for future years

The RMD rules apply to all employer sponsored retirement plans, including profit-sharing plans, 401(k) plans, 403(b) plans, and 457(b) plans. The RMD rules also apply to traditional IRAs and IRA-based plans such as SEPs, SARSEPs, and SIMPLE IRAs.

The RMD rules do not apply to Roth IRAs or Designated Roth accounts while the owner is alive. However, RMD rules do apply to the beneficiaries of Roth IRA and Designated Roth accounts.

You must take your first required minimum distribution for the year in which you reach age 73. However, you can delay taking the first RMD until April 1 of the following year. If you reach age 73 in 2024, you must take your first RMD by April 1, 2025, and the second RMD by Dec. 31, 2025.

Generally, a RMD is calculated for each account by dividing the prior December 31 balance of that IRA or retirement plan account by a life expectancy factor that the IRS publishes in Tables in Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).

No. You can give any amount under this provision, as long as it is no more than $108,000 this year. If your IRA is valued at more than $108,000, you can transfer a portion of it to fund a charitable gift.

 
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  • Reservations are for members only.

  • Reservations can be made up to 5 days in advance or until one hour before the class starts. If you wish to reserve a spot within one hour before class starts, please call the MEMBER SERVICE DESK.

  • Please be on time for your reservation. If you are late for your appointment, you will not get additional time. (e.g. your reserved lap swim time is 9am-9:45am, but you do not get in the pool until 9:20am, your reservation still ends at 9:45am.)

  • Reservations can also be made at the MEMBER SERVICE DESK or by calling us at 989.895.8596

  • There are daily/weekly limits on some classes/areas to give opportunities to other members. The system will let you know if your daily/weekly limit has been reached.

  • If you are unable to attend your reserved appointment, please cancel your appointment online or call the MEMBER SERVICE DESK.

Book Your Spot:

Reservation Reminders:

  • Reservations are for members only.

  • Reservations can be made up to 5 days in advance or until one hour before the class starts. If you wish to reserve a spot within one hour before class starts, please call the Member Service Desk.

  • Please be on time for your reservation. If you are late for your appointment, you will not get additional time. (e.g. your reserved lap swim time is 9am-9:45am, but you do not get in the pool until 9:20am, your reservation still ends at 9:45am.)

  • Reservations can also be made at the Member Service Desk or by calling us at 989.895.8596

  • There are daily/weekly limits on some classes/areas to give opportunities to other members. The system will let you know if your daily/weekly limit has been reached.

  • If you are unable to attend your reserved appointment, please cancel your appointment online or call the Member Service Desk.
Reminders
Instructions
  • Reservations are for members only.

  • Reservations can be made up to 5 days in advance or until one hour before the class starts. If you wish to reserve a spot within one hour before class starts, please call the Member Service Desk.

  • Please be on time for your reservation. If you are late for your appointment, you will not get additional time. (e.g. your reserved lap swim time is 9am-9:45am, but you do not get in the pool until 9:20am, your reservation still ends at 9:45am.)

  • Reservations can also be made at the Member Service Desk or by calling us at 989.895.8596

  • There are daily/weekly limits on some classes/areas to give opportunities to other members. The system will let you know if your daily/weekly limit has been reached.

  • If you are unable to attend your reserved appointment, please cancel your appointment online or call the Member Service Desk.

Financial AsSistance Programs

Individuals will not be turned away from participating in programs, activities, and/or membership due to their inability to pay. The Y maintains a generous financial assistance program for youth, adults, and families who demonstrate financial need. Funding for this program is provided by fundraising events at the Dow Bay Area Family YMCA and community-wide donors.

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