Tax-free Gifts from IRAs
The Emergency Economic Stabilization Act of 2008 includes an extension of the IRA Charitable Rollover. If you are at least age 70½ and must take unneeded taxable distributions from a traditional or Roth IRA, you may be pleased to learn of a special provision in the law that Congress has recently extended.
You can direct your mandatory withdrawal (or any amount up to $100,000 a year) to be used to make charitable gifts on a totally tax-free basis. Amounts donated in this way in 2009 will not be included in your taxable income, even if you do not normally itemize your deductions or would otherwise be subject to adverse tax consequences.
If you are considering a charitable distribution from an IRA we have a sample request letter and detailed information on how to make an IRA transfer to Northridge Hospital. The transfer must be completed by December 31, 2009 for a 2009 deduction.
If you have additional questions, call the Northridge Hospital Foundation office at (818) 885-5341.
