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We are helping to make the world a better, healthier and more joyful place—one athlete, one volunteer, one family member at a time.
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Qualified Charitable Distributions

You can transfer funds from your IRA directly to Special Olympics. This is an effective way to have an immediate impact on creating a world of acceptance and inclusion. You may use this gift to satisfy the required minimum distribution from your IRA while reducing your taxable income, even if you don’t itemize.
Athlete receiving gold medal and it's snowing.

IMPORTANT

With recent changes to legislation under the SECURE 2.0 Act, the age in which IRA holders must take their required minimum distribution (RMD) has been increased to 73. However, anyone age 70.5 or older can still make Qualified Charitable Distributions to their favorite charities. Please consult your financial advisor when making your philanthropic decisions.

Here’s how it works:

  • You must be 70½ or older.
  • An individual may transfer up to a total of $105,000 per year, and a married couple may give up to $210,000.
  • Your gift must be transferred directly from your IRA account to Special Olympics.
  • Your gift is a transfer of funds from your IRA to Special Olympics, so while you do not receive a charitable deduction, it does not create taxable income for you. The transfer of funds can count toward your annual required minimum distribution from your IRA.
  • If you are age 70.5 or older, you may be able to make a qualified charitable distribution (QCD) of up to $53,000 from your IRA to fund a gift annuity.
  • Distributions should be made payable to Special Olympics and mailed to:
    Special Olympics
    Attn: Donor Services
    2600 Virginia Avenue, NW, 11th Floor
    Washington, DC 20037

If you’re interested in this popular way to support Special Olympics, download a sample letter for your IRA administrator here.

An Exception for Beneficiaries with Special Needs

The SECURE Act makes exceptions for IRA beneficiaries who are considered disabled according to the IRS. These individuals can receive the funds in the form of required minimum distributions based on their life expectancy rather than within 10 years. Also excluded from the 10-year rule are beneficiaries who are considered chronically ill or who are less than 10 years younger than the account owner.

But what happens if an IRA owner wants to designate as the beneficiary a person with a disability who is also the beneficiary of a special needs trust (SNT)? The new law states that the IRA owner can designate an SNT as the beneficiary, and the trustee can use the required minimum distributions to pay for the care and support of the person with special needs.

This information is not legal advice. Please seek advice from your attorney at all times.