IRA FAQ
A Tax Savings Way to Help Congregation Sherith Israel
Make a difference today and save on taxes. It is possible when you support Congregation Sherith Israel through your IRA.
A Special Opportunity for Those 70½ Years Old and Older
You can give any amount (up to a maximum of $100,000) per year from your IRA directly to a qualified charity such as Sherith Israel without having to pay income taxes on the money. Gifts of any value $100,000 or less are eligible for this benefit and you can feel good knowing that you are making a difference for your congregation. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.
Why Consider This Gift?
- Your gift will be put to use today, allowing you to see the difference your donation is making.
- Beginning in the year you turn 73, you can use your gift to satisfy all or part of your required minimum distribution (RMD).
- You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions.
- Since the gift doesn’t count as income, it can reduce your annual income level. This may help lower your Medicare premiums and decrease the amount of Social Security that is subject to tax.
Frequently Asked Questions
I am turning age 70½ in a few months. Can I make this gift now?
No. You must be 70½ by the date you make the gift.I have several retirement accounts—some are pensions and some are IRAs. Does it matter which retirement account I use?
Yes. Direct gifts to a qualified charity can be made only from an IRA. Under certain circumstances, however, you may be able to roll assets from a pension, profit sharing, thrift savings plan (TSP), 401(k) or 403(b) plan into an IRA and then make the transfer from the IRA directly to San Francisco Botanical Garden. To determine if a rollover to an IRA is available for your plan, speak with your plan administrator.
Can my gift be used as my required minimum distribution?
Yes, absolutely. Beginning in the year you turn 73, you can use your gift to satisfy all or part of your RMD.Do I need to give my entire IRA to be eligible for the tax benefits?
No. You can give any amount under this provision, as long as it is no more than $100,000 per year. If your IRA is valued at more than $100,000, you can transfer a portion of it to fund a charitable gift.When do I need to make my gift?
We must receive your gift by Dec. 31 for your donation to qualify this year. If you have check-writing features on your IRA, please be aware that your check must clear your account by Dec. 31 to count toward your required minimum distribution for the calendar year.I have two charities I want to support. Can I give $100,000 from my IRA to each?
No. Under the law, you can give a maximum of $100,000 per year. For example, you can give each organization $50,000 this year or any other combination that totals $100,000 or less. Any amount of more than $100,000 in one year must be reported as taxable income.My spouse and I would like to give more than $100,000. How can we do that?
If you have a spouse (as defined by the IRS) who is 70½ or older, they can also give any amount up to $100,000 from their IRA.Can I use the transfer to fund life-income gifts like charitable remainder trusts or charitable gift annuities?
Yes! If you are 70½ or older, you may now make a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed) from your IRA to fund a life-income gift. Some limitations apply, so contact us for more details and a personalized illustration at no obligation.I have already named Sherith Israel as the beneficiary of my IRA. What are the benefits if I make a gift now instead of after my lifetime?
By making a gift this year of any amount up to $100,000 from your IRA, you can see your philanthropic dollars at work. You are jump-starting the legacy you would like to leave and giving yourself the joy of watching your philanthropy take shape. Moreover, you can fulfill any outstanding pledge you may have made by transferring that amount from your IRA as long as it is $100,000 or less for the year.
For Those 59½ Years Old or Older
If you are at least 59½ years old, you can take a distribution and then make a gift from your IRA without penalty. If you itemize your deductions, you can take a charitable deduction for the amount of your gift.
At Any Age
No matter your age, you can designate Sherith Israel as the beneficiary of all or a percentage of your IRA and it will pass to us tax-free after your lifetime. It’s simple, just requiring that you contact your IRA administrator for a change-of-beneficiary form or download a form from your provider’s website.
Tip: It is critical to let us know of your gift because many popular retirement plan administrators assume no obligation to notify a charity of your designation. The administrator also will not monitor whether your gift designations are followed. We would love to talk to you about your intentions to ensure that they are followed. We would also like to thank you for your generosity.
Next Steps
- Contact Denice Asazawa at dasazawa@sherithisrael.org to discuss using your IRA to support Sherith Israel and our mission.
- Seek the advice of your financial or legal advisor.
- To include Sherith Israel in your plans, please use our legal name and federal tax ID. Please let us know of your gift (many retirement providers assume no responsibility for letting nonprofits know of your intentions so your goals won’t be honored).
Legal name: Congregation Sherith Israel
Legal address: 2266 California Street, San Francisco, CA 94115
Federal tax ID number: 94-1156522
Fri, May 3 2024
25 Nisan 5784
Coming Events
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Friday ,
MayMay 3 , 2024
Friday, May 3rd 7:15p to 8:30p
Join us as we spend a wonderful evening eating delicious food in community. Services begin at 6pm, followed by dinner at 7:15pm. Bring your friends and family! Family of Studio students welcome. Please RSVP and include the number of attendees in the notes by Thursday, May 2nd, at 12pm. Please reach out to Jonathan Emanuel if you have a special circumstance or are in need of financial accommodations. -
Saturday ,
MayMay 4 , 2024
Saturday, May 4th 9:15a to 10:15a
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Sunday ,
MayMay 5 , 2024
Sunday, May 5th 9:30a to 12:30p
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Sunday ,
MayMay 5 , 2024
Sunday, May 5th 1:00p to 7:00p
1-4 pm: Workshops, art experiences, panel discussion 4 pm: Memorial name reading 5 pm: Commemoration, Yizkor Service and Keynote Speech Presented by the Jewish Family and Children's Services Holocaust Center, in partnership with the San Francisco Jewish Community Center, Congregation Sherith Israel, and other San Francisco synagogues and partner organizations. -
Tuesday ,
MayMay 7 , 2024
Tuesday, May 7th 6:00p to 7:00p
First Tuesday of the Month, In Person Only Gather with Rabbi George Altshuler for a once-a-month discussion of podcasts on Judaism in the United States. -
Wednesday ,
MayMay 8 , 2024
Wednesday, May 8th 6:30p to 8:00p
Rabbi Altshuler will lead a Jewish text study about climate justice and hope. Then hear about opportunities to get involved in activism, and join in a discussion on next steps. In Person. -
Wednesday ,
MayMay 8 , 2024
Wednesday, May 8th 7:15p to 8:15p
Participants learn to read and pronounce the letters of the Hebrew alef-bet, as well as gain familiarity with the prayerbook, basic blessings and core parts of the liturgy. No prior knowledge required. Taught by Noa Levy. -
Tuesday ,
MayMay 14 , 2024
Tuesday, May 14th 7:00p to 8:30p
Join us for the culmination of our In Focus: Israel/Gaza discussion series on Yom Ha'atzmaut with Rabbi Ed Feinstein, a faculty member at the Shalom Hartman Institute of North America, senior rabbi of Valley Beth Shalom in Encino, California, and lecturer at the Ziegler Rabbinical School of the American Jewish University. -
Wednesday ,
MayMay 15 , 2024
Wednesday, May 15th 5:00p to 7:00p
The increased manifestation of antisemitism in our country and beyond is not only painful and frightening but also complex. Join Rabbi Julie Saxe-Taller and members of Sherith Israel to learn a framework for understanding the role of antisemitism in our society and to build our capacity to address it together. -
Thursday ,
MayMay 16 , 2024
Thursday, May 16th 12:30p to 2:00p