Congress has extended through 2009 the legislation that allows donors to make tax-free gifts from both traditional and Roth individual retirement accounts. Between now and December 31, 2009, you have a unique opportunity to help IJ and make a gift from what can be one of your most tax-burdensome assets. Here’s how:
•IRA owners age 70½ and older can transfer up to $100,000 tax-free to charitable organizations like the Institute for Justice.
•If you and your spouse each have an IRA, you can donate up to $100,000 each in gifts.
•Distributions must be made directly from a traditional or Roth IRA to a qualified charity and must be for outright gifts; trusts and other planned gifts do not qualify.
•Although you cannot claim a charitable deduction for IRA gifts, you will not be required to pay income tax on any amounts you distribute to qualified charities.
If you would like to make such a gift, simply contact your IRA provider and instruct them to make a direct charitable contribution from your account.
Please note that IRA administrators do not always include the donor’s name on distribution checks. If you decide to make a gift to IJ from your IRA, please let us know so that we can identify your gift and thank you properly.
If you have questions about gifts of retirement assets, or any other planned gifts, please feel free to contact IJ’s Four Pillars Society Director Melanie Hildreth at email@example.com or (703) 682-9320 ext. 222, or by mail at 901 North Glebe Road, Suite 900, Arlington, VA 22203.