Good News for Givers!

Congress has just extended the popular provision that allows IRA owners age 70 ½ and older to make a tax-free charitable contribution of up to $100,000 to non-profit organizations such as your White County Community Foundation. The funds are transferred or “rolled over” from an IRA directly to the non-profit organization. That’s good news for givers, because it allows them to help an organization in which they strongly believe while paying zero tax on the gift withdrawn from the IRA, thereby reducing their taxable income. Please remember that if you are 70 ½ years of age or older, you are required to distribute a minimum amount from your retirement accounts before year-end. If you don’t, you will owe the IRS a stiff penalty. The transfer transaction is very simple: you need only order the transfer directly to WCCF and you will avoid the otherwise required income tax on the withdrawl. Consult with your tax advisor for details when you consider a gift. Why not gift the White County Community Foundation with your IRA distribution, and pay no taxes? There’s no time like the present!