LIBRARY NOTES
Development Department
Tax Savings Opportunity
Tuesday, December 1, 2009
Current IRA (Individual Retirement Account) legislation allows you to make gifts to charitable institutions such as the New York Society Library by transferring funds from your IRA without incurring tax consequences. You can accomplish this by contacting your IRA custodian. Since you will not pay income tax on the withdrawal, you will not be able to claim a charitable deduction and you must meet the following guidelines:
- You are age 70 ½ or older at the time of the gifts.
- Your gifts total $100,000 or less in 2009.
- You transfer funds directly from your IRA.
- You transfer the gifts outright to one or more qualified public charities, but not supporting organizations, gift annuities, charitable trusts or donor advised funds.
- You complete your gifts by December 31, 2009.
For more information, please contact Joan Zimmett. Restrictions apply, so please consult with your advisors to determine the implications on your overall tax and estate planning.
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