Required Minimum Distributions

When it is time for you to begin taking required minimum distributions (RMD) from your tradional IRA or 401(k), they are subject to ordinary income tax. Before you take the RMD for this year, you can direct part of it to be donated to BG. It saves you from paying tax on that part of the distribution, keeps you in a lower tax bracket, and gifts a larger amount to the school.

Instead of taking the distribution, paying taxes, and then making a donation, you should consider directing your broker to donate part or all of the RMD to BG before taking the distribution.

 It can count toward your RMD requirement and save on taxes.

Contact your broker and advancement@bguilfoyle.org to get BG’s information on where to direct your donation.  Your broker will send the donation directly to BG’s brokerage account.