Tax Breaks for Donating IRA Payouts
Posted by Park Lawn on 12/20/2010
The IRA mandated withdrawal for anyone 70 ½ and older is in place.
The money you placed in an IRA account was set aside without being taxed. Therefore, any money taken out of an IRA has a tax liability equivalent to the owners tax bracket.
The only way to avoid paying the tax on the distribution is to donate the money directly to a registered 501(c) 3 charitable organization. The 2010 Tax Relief Act extends the exclusion for qualified charitable distributions made in tax years beginning January 1, 2010 and ending December 31, 2011.
It is important that you consult with your Financial Planner or Accountant before making a decision on gifting your retirement assets to a charity.
Park Lawn is a registered 501(c) 3 organization. Our mission is to provide services that promote independence, choice and access to community living for individuals with intellectual and developmental disabilities. By donating a percentage of your retirement assets to Park Lawn, you will help support our mission. Your gift could be earmarked to an area of special interest to you.