Mark’s Gift Reduces His Taxes and Helps Students
From an early age, Mark knew he wanted to study law and become an attorney. As he was applying to colleges, he quickly realized that he would need a lot of financial support to achieve his dream. His high school guidance counselor suggested that Mark attend Phoenix College to take advantage of the affordable tuition, and she encouraged Mark to apply for scholarships. Mark received a scholarship, which paid his tuition.
At the time, Mark didn’t fully understand how significant his experience at PC and the scholarship were. One of Mark’s PC faculty helped Mark apply for a transfer scholarship and wrote him a recommendation for law school. Looking back, Mark feels that his success stemmed from his journey, which began at PC, and the support of amazing faculty.
Mark reached out to see how he could support PC students. He decided to make an annual gift supporting PC scholarships. Now that Mark is 71, he can donate up to $100,000 per year from his IRA. This is called a Qualified Charitable Distribution (QCD). Mark realized when he had to take Required Minimum Distributions (RMD) from his IRA, a QCD would allow him to impact more students and ultimately keep more money in his own pocket.