An individual age 70.5 or older may give a direct charitable gift from an individual retirement account (IRA), including required minimum distributions, of up to $100,000 to a qualified non-profit (other than donor advised funds and supporting organizations) and not have to report the IRA distribution as taxable income on his/her federal income tax return. There is no charitable deduction for the IRA distribution. However, the donor will not pay tax on otherwise taxable income which is the equivalent of a charitable deduction.
IMPORTANT: The Adirondack Health Foundation is a supporting organization, so a donor who wishes to contribute to the annual fund using a distribution from an IRA will be asked to make the gift directly to Adirondack Medical Center. Please have the distribution check made out to "Adirondack Medical Center" and mailed to:
Adirondack Health Foundation
P.O. Box 120
Saranac Lake, NY 12983
If you are using the IRA distribution as a campaign pledge payment there are additional instructions, so please contact the Foundation office by calling 518-897-2370.