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 the pension reform legislation President Bush recently signed will make it easier for senior citizens to donate money in their individual retirement accounts (IRAs) to charity. The provision --- which is effective only for 2006 and 2007 --- 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 passed bill allows older taxpayers to donate from their IRAs up to $100,000 from their Individual Retirement Accounts tax-free each year to a charitable cause, allowing tax-free charitable distributions from IRAs for people age 70 and older.

These tax-free IRA donations are only in effect for "qualified charitable distributions" made before January 1, 2008, so you will need to act now. (Congress typically passes temporary measures to limit the cost of tax bills.)

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To benefit, you must act on this now, as it’s a temporary measure that is only in effect until the end of 2007. Please contact Family Care Foundation executive director Lawrence Corley for details at
1-800-992-2383 ext 10, or email fcf@familycare.org

Donate from your IRA to Family Care Foundation