The IRA Charitable Rollover is Back!
If you haven’t already heard, the IRA Charitable Rollover has been revived!
Congress has restored the legislation that allows individuals aged 70½ and older to make tax free transfers of up to $100,000 from an IRA account (or other qualified retirement account) to a charity.
This is an exciting opportunity to support the lifesaving work of BIDMC (and may be a great way to make a new gift or pay off a pledge), but it won't last long—the new law allows these transfers during 2008 and 2009. If you are required to take minimum withdrawls, this may be a great way to make a gift to BIDMC.
Important Details:
- Individuals who are 70½ or older may take advantage of this opportunity.
- Gifts to BIDMC of up to $100,000 can be made in 2008 and 2009.
- These gifts should be made directly from the donor’s IRA to BIDMC.
- The IRA withdrawal is tax-free.
- The charitable distributions can "count" toward your required minimum distributions.
- An individual is not eligible for a charitable income tax deduction because of this gift.
Click here for a sample letter which you may use to request a charitable distribution from your Individual Retirement Account.
Make your gift today to take advantage of Congress's limited time offer. Call our Office of Planned Giving at (617) 667-7431 or your IRA administrator for more information.
Note: The information on this Web site is not intended to serve as legal or financial advice. When planning a specific charitable gift, the services of a legal or financial advisor should be obtained.
