Want more Tools for Giving?

Get them delivered to your inbox!

 

IRA Donation Rollover Option Ends December 31, 2009

Sheryl Sackman
Submitted by Sheryl on Mon, 2009-11-23 17:54
Filed under:
Bookmark/Search this post with

If you are 70½ or older, temporary legislation allows you transfer funds directly from your IRA (Individual Retirement Account) to a qualifying charity. You can transfer up to $100,000. This provision is only in force until December 31, 2009. This allows you to make a gift without incurring income tax on the withdrawal.

For information on this special offer directly from the Internal Revenue Service, visit http://www.irs.gov/newsroom/article/0,,id=203313,00.html.

Another great source of information is the Council on Foundations:

http://www.cof.org/files/Documents/Government/Charitable%20Reform%20Reso...

It is important to note that gifts from your IRA to a non-profit organization cannot be used to set up a donor advised fund. For more information, contact sheryl [at] mrgfoundation [dot] org (Sheryl Sackman) or contact your financial advisor.