Can I transfer my IRA to St. Jude Childrens Research Hospital 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.
