Donate Up to $100,000 Tax Free Between Now and December 31

Over 70 1/2? You can use your IRA to support your conservative principles.

Are you one of the millions of Americans age 70 ½ or older faced with making a mandatory withdrawal from your IRA?

Time is running out for you to donate your mandatory withdrawal to The Heritage Foundation. You can donate up to $100,000 from you IRA this year tax free! This unique opportunity for individuals over the age of 70 ½ expires December 31, 2011.

What you need to know:

  • The law expires on December 31, 2011. You may make a maximum gift from your IRA of $100,000.
  • If you are married with separate IRAs, you and your spouse can each make gifts up to $100,000.
  • You must be 70 ½ years of age or older. This age group may be faced with mandatory withdrawals, and a charitable gift counts as a withdrawal without the consequences of increasing your taxable income and/or income tax bracket.
  • Your gift must be made directly from your IRA to Heritage in order to qualify. Contact your IRA custodian about how to make a transfer. Please direct your gift to the attention of the Gift Planning office at The Heritage Foundation, 214 Massachusetts Ave, NE, Washington, D.C. 20002.
  • You will not receive a charitable income tax deduction for this type of gift. However, because these gifts do not fall under normal deduction rules, it means you can make gifts in excess of the 50 percent of Adjusted Gross Income ceiling for cash gifts.

If you have any questions about this exciting opportunity to make gifts from your IRA, please call Lori McNicoll toll free at (800) 409-2003.

Did you know that IRA assets left to heirs will be subject to both estate and income taxes? This means your IRA assets could be faced with taxes in excess of 70 percent! All the more reason to consider using your IRA to make a meaningful gift to The Heritage Foundation to promote the conservative values we share.