If you’ve been putting money into an IRA or 401(k) account over the years and are now 70½ years old*, you may be required to withdraw a certain amount of money out of your retirement account each year (“Required Minimum Distribution” or RMD), or pay a stiff penalty.
(* COVID-related legislation has changed that rule to age 72, or 70½ if the taxpayer reached 70½ before January 1, 2020. Please verify with your tax advisor.)
For those in the position of not needing that distribution to fund your everyday living expenses, you can have your RMD go directly to FOAS and avoid being taxed on the distribution amount.
Depending on your tax bracket, this can be a significant savings, and it does not require itemizing deductions.
If you are between 59½ and 70½, you may still be able to have distributions from your retirement account sent directly to FOAS without incurring any taxes.
Donations should be directed to:
Friends of Oakland Animal Services
P.O. Box 3132
Oakland, CA 94609
Everybody’s situation is different, and not all retirement accounts qualify! We strongly encourage you to speak with your financial advisor first. They can typically send the payment directly to FOAS, meeting your RMD requirement, and sparing you taxation.
If you have any questions or wish to inform us that you are directing a retirement distribution to Friends of Oakland Animal Services, please don’t hesitate to reach out to info@friendsofoas.org.