Make a Gift From Your IRA account
As part of the Emergency Economic Stabilization Act of 2008, passed on October 3, 2008, Congress re-authorized legislation that allows donors to make charitable gifts from their IRA accounts during tax years 2008 and 2009 without incurring income tax on the withdrawal.
"For me, the number one reason for giving is the joy it brings. People my age want to see the good our money does while we’re still alive. It’s incredibly soul-satisfying to donate these dollars now, during my lifetime and an especially great joy to do this for an organization I really believe in." - S.B.
If you are age 70 ½ or older and are required to make minimum withdrawals that you do not need for personal use, this may be a great way to make a gift to Planned Parenthood Federation of America (PPFA). While you cannot claim a charitable deduction for IRA gifts, you will not pay income tax on the withdrawn amount.
Rules for making a gift from your IRA:
- A donor must be 70 ½ or older and can give up to $100,000 (total) each year.
- A couple with individual accounts can each tap their own account, doubling your family's possible gifts up to $200,000.
- The gift must be made directly from the custodian of your IRA to PPFA.
- The gift counts towards your required minimum distribution.
- You will not pay federal income taxes on the withdrawal for the gift, so you cannot claim an income tax charitable deduction.
- Your IRA administrator must make the transfer to PPFA on or before December 31, 2008 (for a 2008 gift) or December 31, 2009 (for a 2009 gift).
The gift is transferred directly from your traditional IRA or Roth IRA to:
Planned Parenthood Federation of America
Office of Gift Planning
434 West 33rd Street
New York, NY 10001
Tax I.D.: 13-1644147
Certain states may not exclude gift amounts withdrawn from an IRA for state income tax purposes. When planning your gift, please be sure to check with your fund administrator or tax preparer on whether your state of residence will tax your intended charitable distribution.
To learn more about IRA charitable gift distribution opportunities, please call us at 1-800-319-7564 or click here.
