Last chance for IRA tax breaks

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This article first appeared in INHF's Fall 2007 magazine.

Older than 70 1/2 and toying with the idea of making a gift-of-a-lifetime to INHF or another favorite charity?

If so, you may want to take advantage of a special giving opportunity available through the end of 2007.

Because of a change in laws regulating charitable giving through Individual Retirement Accounts (IRAs), those of you who are more than 70 1/2 may rollover funds—up to $100,000—from your IRA to INHF and/or other qualified charities without claiming any increased income or paying any additional tax through the end of 2007.

Sound intriguing? Then you should:

Consult soon with your financial and tax advisers (the deadline is fast approaching).

Decide how you want the charity to use your gift. Staff at INHF will be happy to discuss this with you.

Contact your IRA administrator and let her know that you want to make a gift directly from your IRA to your designated charity. Your IRA administrator will tell you what she needs in the way of written instructions from you. Ask the IRA administrator to indicate on the transfer of funds that you are the donor.

If you choose to make a rollover gift to INHF, please contact Cheri or Anita at 800-475-1846 so we’re sure to watch for gift and know the gift amount, name of your IRA administrator, and how you would like INHF to use the gift…and so we can give you a big THANK YOU!

For more information, e-mail Cathy Engstrom, Director of Communications, or call (515) 288-1846.