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Are you 70 1/2?

Beverly Martens DVM, P`00, `02, `06

Lower Your Tax Bill While Giving Back

Did you know that when you are 70 ½ or older, you are eligible to donate to a tax-exempt charity directly from your taxable individual retirement account (IRA)?

This is known as making a qualified charitable distribution (QCD). By utilizing the IRS-mandated required minimum distribution (RMD) from your retirement accounts as a QCD, you can directly support Wayland Academy while benefiting from unique tax incentives. Through this method, your donation is excluded from your taxable income, potentially lowering your tax bill and helping manage additional tax obligations such as Medicare premiums and Social Security benefits.

Making a difference in the lives of our students has never been easier or more rewarding. By directing your RMDs to Wayland Academy, you contribute to a legacy of educational excellence that supports scholarships, enhances infrastructure, and enriches educational programs. Rest assured, this process is seamless; your IRA custodian can facilitate a direct transfer, ensuring that your contribution is efficiently and effectively allocated without affecting your cash flow. This direct transfer not only secures financial benefits for you but ensures that your donation reaches the students who benefit the most.

We invite you to join us in this exciting endeavor to foster a brighter future for Wayland Academy students while maximizing your financial planning strategies. Your generosity and foresight can have an enduring impact on our community, leaving a legacy of opportunity and empowerment. If you wish to explore this giving option or have any questions, our dedicated team is ready to assist you every step of the way. Together, let’s continue to champion the cause of education and make a lasting difference for generations to come.

If you have questions about making a qualified charitable distribution transfer to Wayland Academy, please contact your financial advisor and our Director of Advancement, Carrie Ahlborn (920-356-2120, ext. 222 or cahlborn@wayland.org).

Michael P. Wolfe, PhD `61

Michael P. Wolfe, PhD `61—Charlottesville, VA: 

“In 2024, my spouse (Polly) and I made several donations to our favorite charities using the qualified charitable distribution (QCD) process. Wayland was the recipient of one of our donations.

Since we are older than 70 1/2, we chose this smart and tax-efficient way to give back. The QCDs let us donate directly to Wayland Academy from our IRAs without adding to our taxable income—up to $ 108,000.00 annually. It’s a win-win for our finances and for Wayland Academy.

When you make a QCD, the money goes directly from your IRA to Wayland, skipping your taxable income. So, you can avoid increasing your tax bill while making a significant impact.

Check with your financial advisor for the details. REMEMBER: tax savings, ease of use, and impactful giving.” 

Beverly Martens DVM, P`00, `02, `06

Beverly Martens DVM, P`00, `02, `06—Waupun, WI:

“My husband (Alan) and I give back to Wayland because we feel strongly about supporting our local community, which enabled us and our children to be successful, and it is important to us to give back to institutions that positively impacted our family and lives. I chose to contribute through an IRA distribution to allow maximum impact for Wayland with no tax consequences for us. We want to help Wayland Academy provide others with the same opportunities our children had.”

Robert J. Folsom MD `63

Robert J. Folsom MD `63—Marco Island, FL: 

“Required minimum distributions are a big taxable headache for me. If you are 70 1/2 or older, a qualified charitable donation to Wayland can count toward your RMDs. What a great way to help Wayland and reduce your taxable income!”