Gifts of IRA Funds
Transfer funds directly from your IRA to Coleman Foundation
A unique gift planning option is available to you if you are a taxpayer and 701/2 years of age or older. This is the second and final year that you are able to transfer from your IRA, tax free, up to $100,000 to charity. This means the withdrawal from your IRA will not count toward your gross income for 2007.
Rather than taking the mandatory withdrawal from your IRA and then giving the money to charities, donors are able to save on taxes by transferring the money directly to the charities. It will save on heavy estate taxes for donors to use their IRA now and not donate the same money as a bequest in their wills.
If you are interested in donating, please consult with your accountant or financial advisor for the best giving option. Those interested in donating to Coleman Foundation may call 330-676-6876.
To qualify for federal tax-exemption:
* These transfers count toward the donor’s required
minimum distribution.
* These transfers are not recognized as income for the donor and therefore there is no income tax deduction.
Transfer funds directly from your IRA to Coleman Foundation
A unique gift planning option is available to you if you are a taxpayer and 701/2 years of age or older. This is the second and final year that you are able to transfer from your IRA, tax free, up to $100,000 to charity. This means the withdrawal from your IRA will not count toward your gross income for 2007.
Rather than taking the mandatory withdrawal from your IRA and then giving the money to charities, donors are able to save on taxes by transferring the money directly to the charities. It will save on heavy estate taxes for donors to use their IRA now and not donate the same money as a bequest in their wills.
If you are interested in donating, please consult with your accountant or financial advisor for the best giving option. Those interested in donating to Coleman Foundation may call 330-676-6876.
To qualify for federal tax-exemption:
- Donor must be 701/2 years of age or older.
- The transfer must go directly from the IRAs to the qualified charity.
- Gifts of up to $100,000 per taxpayer per year are allowed.
- Each spouse may give up to $100,000 from their own IRAs.
- Gifts must be outright to charity. Transfers to donor-advised funds, charitable remainders trusts or for charitable gift annuities do not qualify.
* These transfers count toward the donor’s required
minimum distribution.
* These transfers are not recognized as income for the donor and therefore there is no income tax deduction.
