IRA Giving

Enjoy a tax benefit, and strengthen the Ashland Independent Film Festival in one easy step through your IRA*!

Have questions?  Contact AIFF's Development Manager, Candace Turtle, for more information. 
Email her now!

If you are 70½ years or older and have an Individual Retirement Account, you can help the Ashland Independent Film Festival and enjoy tax benefit when you make a contribution from your IRA account directly to AIFF.
 
The federal government mandates a Required Minimum Distribution from IRAs when seniors reach 70½, and annually thereafter. The required amount starts around 4 percent and increases annually.
 
Normally, this money is taxed as income. However, any amount you transfer directly from your IRA to a charitable organization such as the Ashland Independent Film Festival does not count as income to you. So, you benefit, even if you do not itemize.
 
You can give up to $100,000 per year from your IRA to the charitable organizations of your choice. But the amount must go directly from your IRA to the charity. Please be sure to include your name and our non-profit number, 93-1281951, on this transaction. 

 

NOTE: The deadline for most individuals to make this transfer is Dec. 31 Please allow time for your funds to arrive and for AIFF to process your donation in order to meet this deadline.
 

CARES Act Information

Waiver of Required Minimum Distributions (RMDs) for 2020
The CARES Act waives the required minimum distribution rules for certain defined contribution plans and IRAs during 2020. The waiver is not applicable to defined benefit plans (i.e., pensions).

Example: While employed, Beth contributed to a 401(k) plan. Beth turns 70 on May 1, 2019. Beth did not receive her RMD on or before January 1, 2020. Beth does not have to take a RMD in 2020.

Charitable contribution provisions
Favorable rules apply if you make cash donations during 2020 to certain charities: 

• Individuals who do not itemize can claim an above-the-line deduction of up to $300 for such contributions; 
• Individuals who itemize can deduct such contributions up to 100% of adjusted gross income (AGI); 
• C corporations can deduct such contributions up to 25% of taxable income; and 
• Business deduction limits for contributions of food inventory is increased from 15% to 25% of the business’s taxable income.​

We can help answer your questions! Contact Candace Turtle at:
Phone: 541-488-3823
Email: candace@ashlandfilm.org

We can also help with other important planned giving programs such as bequests and trusts.  Just ask!

*Roth IRAs do NOT require withdrawals until after the death of the owner.

Need more information?  Here are some helpful links from the IRS:

• FAQs: IRA Distributions Withdrawals
• FAQs: Required Minimum Distributions
• Required Minimium Distribution Worksheet