The Watertown Community Foundation can help you turn your individual retirement accounts (IRAs) into charitable gifts and save on taxes, so your retirement funds can last even longer.

For Those 70 ½ Years and Older: IRAs can qualify for tax-free charitable distributions

You can give any amount up to a maximum of $100,000 per year from your IRA to a qualified charity such as the Watertown Community Foundation without having to pay income taxes on the money.  Funds given this way count toward the required IRA minimum withdrawal amounts for the year of the gift. While commonly called the IRA charitable rollover, 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 for the people and families in Watertown.

• You can target your gift to a WCF program area you care about most.

• 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.

How Do I Do This?

To name Watertown Community Foundation, Inc., as the plan beneficiary, contact the plan administrator of the IRA or tax-deferred retirement account and request a change of beneficiary form. Members of the Foundation staff are available to assist you with this process.  Please call 617-926-1500 for assistance or more information.