You may contribute
funds this way if:
- You are 70½ or older at the
time of the gift.
- Your IRA gifts total $100,000
or less for the year.
- You transfer funds directly
from your IRA.
- You transfer the gifts
outright to one or more qualified public charities. (This excludes
gifts made to charitable trusts, donor advised funds, gift
annuities and supporting organizations.)
Your
benefits:
- The gift generates neither
taxable income nor a tax deduction, so you receive the benefit even
if you don't itemize on your tax returns.
- The distributions to us may be
in addition to or fulfill any charitable giving pledges you have
already planned.
- You can witness the good that
comes of your generosity.
The Next
Step
Be sure to contact tax professionals and your IRA administrator if
you are considering a gift under this law. But don't wait too
long—this opportunity expires Dec. 31, 2009. Feel free to contact
Susan Damiani at 718-990-7562 or damianis@stjohns.edu with
any questions.