Individual IRA distributions can be subject to income tax. If a heir inherits the IRA, it may be subject to estate tax. An IRA Charitable Rollover lets you avoid both these taxes. But the law puts a December 31, 2007 deadline on this gift.
Here is the key information:
• To qualify, you must be age 70½
• You can donate up to $100,000
• Your donation may be counted toward
the required minimum distribution for
tax-deferred retirement accounts in the
year the gift is made.
• The IRA Charitable Rollover applies to
outright gifts only.
• A gift from your IRA will not
generate taxable income or a tax
• All you need to do is instruct your IRA
custodian to transfer funds directly to
City of Hope.
For more information, please contact City of Hope’s Gift Planning Department