Can I transfer my IRA to Prairie State College Foundation to set up a life-income gift, and avoid income tax on the transfer?
New legislation gives donors aged 70½ and older an opportunity to direct lifetime distributions from their IRAs to us without incurring income tax liability on the withdrawal. The provision will be in effect for just the 2006 and 2007 tax years. Distributions can total $100,000 per year, and must be made outright — they cannot fund a life-income gift. Just e-mail us and we’ll be happy to give you more information about this new charitable incentive. Donors younger than 70½ can make a withdrawal from their IRA or other type of retirement plan, pay income tax on the withdrawal, and donate the proceeds to us. These gifts can be made outright or can fund a life-income gift and will generate a charitable deduction for the donor.
Related Questions
- If I create a bequest or life-income gift, will Prairie State College Foundation continue to ask me for annual contributions?
- Can I transfer my IRA to the Santa Barbara Foundation to set up a life-income gift, and avoid income tax on the transfer?
- Can I transfer my IRA to Williams College to set up a life-income gift, and avoid income tax on the transfer?
