If you are 70-1/2 or older, you can use your IRA to
make a charitable gift
to the Iowa Natural Heritage Foundation today!
When your IRA or retirement plan proceeds pass to heirs other than your spouse, as
much as 80 percent of the assets may be lost to income tax, excise
tax, and estate tax! By arranging now
to give your IRA to fund charity, you can reduce
your federal and state death tax and help your beneficiaries avoid
federal and state income tax.
For people 70-1/2 years of age or older, you can use your IRA to make a tax-free gift to charity.
Consider the IRA charitable rollover if you have excess IRA funds or want to lower the amount of your required minimum IRA distribution. While there is no charitable deduction, there is also no tax when the distribution is a direct charitable rollover.
This reinstated provision is part of the Pension Protection Act of 2006, which was included in the Financial Rescue Bill (Emergency Economic Stabilization Act of 2008, H.R. 1424), signed into law on October 3, 2008.
Basic Provisions
- You must be at least 70-1/2 years of age.
- Tax benefits apply for gifts that total up to $100,000 per person per year.
- You can make these IRA charitable distributions in 2008 and 2009 only.
- You must transfer funds directly from an IRA to one or more eligible charitable organizations.
You can use your IRA to make a tax-free charitable donation for your annual contribution, a major gift or to satisfy a current pledge. Tax-free rollover gifts can be $1,000, $10,000 or any amount up to $100,000 in both the 2008 and 2009 tax years. If a spouse has an IRA and is 70-1/2 or older, he/she can also give up to $100,000 in 2008 and 2009.
The law applies solely to direct gifts to charity, not for planned gifts such as charitable gift annuities or charitable remainder trusts.
This is an easy way to benefit Iowa Natural Heritage Foundation without tax complications.
How to Make a Gift
INHF qualifies as an eligible organization. Please contact Cheri Grauer or Anita Ogara at 1-800-475-1846 to inform us of your intent to make an IRA charitable distribution.
Contact your IRA administrator to transfer your desired amount.
For More Information
Contact your financial advisor about whether an IRA Rollover to INHF meets your needs. While Iowa Natural Heritage Foundation makes every effort to give
you accurate information, you should also consult your trusted
professionals for legal, financial, insurance, or estate planning
advice.
Call Cheri or Anita at one the numbers above to discuss giving opportunities.
If you would like
more information on planned giving through a retirement or pension
plan, please e-mail Cheri Grauer,
INHF Gift Planner at the Iowa Natural Heritage Foundation, or call
1-800- 475-1846.
Federal
Tax ID #42-1127544