"We prepare students to engage in the world that is and to help bring about a world that ought to be."
American Taxpayer Relief Act and Charitable Giving
If the favorable American Taxpayer Relief Act of 2012 (ATRA) is re-enacted and you are 70 ½ or older, you would have a charitable giving opportunity if you wish to support Friends Seminary.
The American Taxpayer Relief Act of 2012 (ATRA) renewed the opportunity for you to make a lifetime transfer from your individual IRA to Friends Seminary and avoid paying income tax on the amount you transfer. Under ATRA, the transfer will count towards your required minimum distribution and, at the same time, the transfer will be excluded from your taxable income.
To qualify for this benefit:
• You must be 70 ½ or older at the time of the transfer.
• The transfer must go directly from your IRA to Friends Seminary.
• Your total IRA transfers cannot exceed $100,000 in any calendar year.
• Your transfer must be outright.
This favorable provision:
• Extends solely to IRAs.
• Extends to both traditional IRAs and Roth IRAs. However, the provision is more appropriate for a traditional IRA because, unlike a Roth IRA, distributions from a traditional IRA would otherwise be subject to tax.
• It does not extend to 401(k) plans.
• Although the transfer does not qualify as a charitable deduction, because it saves taxes for the donor, it has the same effect.
For additional information, contact Susan Wilen 646-979-5056 or by email swilen@friendsseminary.org
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The American Taxpayer Relief Act of 2012 (ATRA) renewed the opportunity for you to make a lifetime transfer from your individual IRA to Friends Seminary and avoid paying income tax on the amount you transfer. Under ATRA, the transfer will count towards your required minimum distribution and, at the same time, the transfer will be excluded from your taxable income.
To qualify for this benefit:
• You must be 70 ½ or older at the time of the transfer.
• The transfer must go directly from your IRA to Friends Seminary.
• Your total IRA transfers cannot exceed $100,000 in any calendar year.
• Your transfer must be outright.
This favorable provision:
• Extends solely to IRAs.
• Extends to both traditional IRAs and Roth IRAs. However, the provision is more appropriate for a traditional IRA because, unlike a Roth IRA, distributions from a traditional IRA would otherwise be subject to tax.
• It does not extend to 401(k) plans.
• Although the transfer does not qualify as a charitable deduction, because it saves taxes for the donor, it has the same effect.
For additional information, contact Susan Wilen 646-979-5056 or by email swilen@friendsseminary.org
Friends Seminary actively promotes diversity, equity, inclusion, and anti-racism in all its programs and operations, including admissions, financial aid, hiring, and all facets of the educational experience. To form a community which strives to reflect the world’s diversity, we do not discriminate on the basis of race or color, religion, nationality, ethnicity, economic background, physical ability, sex, gender identity or expression, or sexual orientation. Friends Seminary is an equal opportunity employer.
Friends Seminary — the oldest continuously operated, coeducational school in NYC — serves college-bound day students in Kindergarten-Grade 12.
