For our alumni and friends age 70+ You can make a tax-free gift from your IRA in 2009 and 2010
The new Emergency Economic Stabilization Act (EESA) of 2008 extends the law enabling certain
individuals to make charitable gifts from their IRAs in 2009.
Before January 1, 2006, all withdrawals from an IRA, even if used for charitable
contributions, were subject to income tax at ordinary rates. While a charitable gift from
your IRA would be deductible (subject to certain limitations), it was frequently the case
that there would be a tax cost in making the gift.
The IRA Charitable Rollover extension enables you to contribute IRA funds in
2009 without
paying any income tax on withdrawals if:
You are over the age of 70 ½
The charitable contribution is made directly from your IRA
Total IRA charitable gifts do not exceed $100,000 in the 2009 calendar year
You receive no economic benefit from the charity in exchange for the gift
If you are required to take annual minimum distributions (AMD) from your IRA in 2009,
you can contribute up to $100,000 directly from your IRA to Marymount Manhattan College
and pay no income tax on the AMD. These same rules will apply in 2010.
We can show you how!
For more information, please contact Carolyn Bolt at (212) 517-0454 or
by e-mail at cbolt@mmm.edu.
