How can an IRA gift be made?
IRAs are typically held by a financial service or trust company. These custodians will likely provide a form that could be used to transfer the IRA directly to charity, with no tax incurred.For additional information provided by the Council on Foundations click here.The information provided here is based on continuing analysis of the Pension Protection Act of 2006. Every effort has been made to ensure accuracy of the answers to these questions. However, due to the complexity of the bill and the fact that many of these provisions introduce issues that are new to the Internal Revenue Code, this information may be subject to change. It is not a substitute for expert legal, tax or other professional counsel and we strongly encourage donors to work with their professional advisors to determine the impact of this legislation on their particular situations. This information may not be relied upon for the purposes of avoiding any penalties that may be imposed under the Internal Revenue Code.
Related Questions
- Can I transfer my IRA to the University of California, Irvine to set up a life-income gift, and avoid income tax on the transfer?
- Can I transfer my IRA to The University of St. Thomas Houston 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?
