Events
Charitable IRA Legislation Passed
There’s good news for individuals aged 70 1/2 or older with IRA’s. If you are required to receive minimum distributions from your IRA and you do not need the money for personal use, consider using those funds as a charitable gift to bypass income tax.
You may contribute funds this way if:
- You are 70 1/2 or older
- Your IRA gifts total $100,000 or less each year in 2008 and 2009
- You transfer funds directly from an IRA
- You transfer the gifts outright to eligible charitable organizations.
The benefits to you:
- In most cases, the transfer counts toward your minimum required distributions.
- The transfer generates neither taxable income nor a tax deduction, so you will receive the benefit even if you do not itemize your tax deductions.
· You may transfer up to $100,000 directly from your IRA in 2008 and 2009.
The next step:
You can make a gift simply by contacting your IRA administrator to make a direct transfer from your account to an eligible organization.
If you are considering a gift under this law, be sure to contact your Professional Advisor, CPA or Attorney.
Another tax-smart strategy is to name our organization as beneficiary of all or a portion of your IRA assets since it would be free of all income and estate taxes.
Call Pat Huber at the
219-662-7252
213 S. Court St.
cpcf@sbcglobal.net
