When Dr. Jack Prince was thinking about giving tzedakah, AMIT was high on his list.
Dr. Prince, now retired and enjoying the warm sunshine of Boca Raton, Florida with his wife, Sheila, whose grandmother was a life member of AMIT, found a win-win way to give the tzedakah – a way in which he could support the organization dedicated to educating the next generation of Israel’s leaders, and, at the same time, soften a tax impact that he would otherwise have.
Dr. Prince chose to generously contribute to AMIT through a charitable IRA Rollover.
Financial experts say that this method of giving is an excellent way to take advantage of a great tax break, one that allows the giver to support charities close to their heart and at the same time not be hit with a tax bill that they would otherwise be obligated to pay.
The IRA Rollover is available to anyone 70 ½ years or older. They are eligible to “rollover” up to $100,000 from their IRA to a charity of their choice. In order to qualify, they must transfer the funds directly from their IRA to the charity, such as AMIT.
The beauty of this giving is that gifts from an individual’s IRA are not reportable as taxable income.
For Dr. Prince, who retired as a full professor of physics from CUNY Bronx Community College and is currently professor emeritus, the decision to give money to AMIT was an easy one.
“I think that working on educating our children, and educating our children in Israel in particular and keeping them safe, is the most important thing we can do,” said Dr. Prince.
In fact, Dr. Prince, along with his brother-in-law, Dr. Joseph Lowin, gave a donation to AMIT more than a decade ago to dedicate a room in one of AMIT’s elementary schools in Ma’ale Adumim to honor the memory of his late first wife, Marilyn, an avowed AMIT supporter and life member.
“As a Jew, we are instructed to give a certain amount of our money to charity,” Dr. Prince said. “God gives us money so we can give to charity. I’ve chosen this organization to give to. Also,” he added, “my accountant tells me that it’s a smart thing to do, to take the IRA money and roll it over to save on the taxes. So that’s what I did. I think everyone can do it. It is an important mitzvah.”
For more information on the Charitable IRA Rollover to AMIT and to take advantage of the last great tax break, please contact Genene Kaye, national director of planned giving. GeneneK@AMITChildren.org or 212-477-5465.
Photo of Sheila and Jack Prince
