Charitable IRA

Charitable IRA

If you are required to receive minimum distributions from your IRA and you do not need the money for personal use, consider using those funds as a charitable gift to Van Andel Institute. If you are 70.5 years or older with an individual retirement account, you may make outright gifts using IRA funds without tax complications. While you cannot claim a charitable deduction for the IRA gifts, you will not pay income tax on the amount. 

To contribute funds this way:

  • You must be 70-1/2 or older
  • Your IRA gifts total $100,000 or less each year in 2008 and 2009
  • You transfer funds directly from an IRA
  • You transfer the gifts outright to one or more public charities (this excludes gifts made to charitable trusts, donor advised funds, and supporting organizations)
The Benefits
  • In most cases, the transfer counts toward your minimum required distributions
  • The gift generates neither taxable income nor a tax deduction, so even those who do not itemize their tax returns receive the benefit
  • You may transfer up to $100,000 directly from your IRA in 2008 and 2009
  • The distributions may be in addition to or fulfill any charitable giving you have already committed to.

Contact your tax professional and your IRA administrator to make your gift.

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