Retirement Account

Donations of retirement account assets are among the most tax-smart gifts you can make to Jupiter Medical Center. Although IRAs and 401(k) accounts are excellent vehicles for accumulating assets for your use during retirement, they are far less effective for transferring wealth to your loved ones. Those who inherit your retirement plan assets could see nearly 60 percent of the value depleted by federal and state income and estate taxes. The only exceptions are distributions from a Roth IRA, which are usually tax-free, and distributions on nondeductible contributions made to a conventional IRA.

If you choose to contribute all or part of these assets to Jupiter Medical Center, however, our status as a nonprofit organization means that we can use 100 percent of your gift to support our lifesaving work.

Supporters 70½ or older can transfer any amount up to $100,000 directly from an IRA to Jupiter Medical Center without tax implications. Your spouse can also give $100,000 from his or her own IRA if he or she is 70½ or older. The gift does not generate taxable income or a tax deduction. You can even transfer the exact amount of your required minimum distribution if you don't wish to receive the taxable amount or pay taxes on it. Contact Jupiter Medical Center Foundation or your IRA administrator to learn more.