Friday, December 5, 2008

Important Opportunity... IRA Giving

Oklahoma City Community Foundation
Oklahoma City Community Foundation explains the renewed tax provision that expands opportunities for IRA giving

As a reminder (since many seem unaware of it), the tax law that expanded IRA giving was renewed during the recent economic stimulus package.

Thanks to the Oklahoma City Community Foundation for this nice explanation:

Here it is in brief:

For the tax years 2008 and 2009, individuals age 70½ and older can transfer up to $100,000 per year from an individual retirement account (IRA) to a charitable organization without incurring income taxes today or estate tax in the future. If married, each spouse can transfer $100,000 per year from his or her IRA. Prior to this law all lifetime distributions from IRAs were taxed even if the distribution benefited a charitable cause. The provision is time-limited; it applies only to qualified distributions made before January 1, 2010.

Here it is in full, with some examples:

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