IRA charitable contribution to Family Care Foundation
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IRA Donation to Family Care Foundation
Leaving money to charity when you die is a noble and selfless act. But giving money away while you're still alive is a lot more satisfying.
A provision in legislation that President Bush signed makes it easier for senior citizens to donate money in their individual retirement accounts (IRAs) to charity. The provision allows individuals who are 70 or older to take tax-free withdrawals from their IRAs as long as that money goes directly to charity.
Ordinarily, when you withdraw money from your IRA, it becomes part of your taxable income for the year.
This newly-extended bill allows older taxpayers (70½ and up) to donate from their Individual Retirement Accounts (IRAs) to a charitable cause, allowing tax-free charitable distributions from IRAs.
On October 3rd, 2008, this program that allows seniors to make charitable contributions from their individual retirement accounts was extended to 2009 as part of the financial-rescue package passed by the House and signed into law by President Bush.
To benefit, you must act on this now, as it's a temporary measure that is only in effect until 2009. Please contact Family Care Foundation executive director Lawrence Corley for details at 1-800-992-2383 ext 510, or email fcf@familycare.org