One of the greatest charitable giving incentives of all time—the charitable IRA rollover provision—is proof that even our fiscally irresponsible Congress gets things right sometimes.
First introduced in 2005 in an effort to increase contributions to hurricane disaster relief, the provision allows qualified IRA owners age 70 ½ or older to make tax-free withdrawals of up to $100,000 per year for charitable purposes. It’s been extended in subsequent years under various tax bills, but 2011 will mark the end of an era. Only a few weeks remain for charitable-minded Americans to take advantage of this incredible opportunity before the clock runs out on December 31.
Imagine it: Congress creating a tax incentive for Americans to use their own dollars to support the individual causes they trust. It’s a concept that’s so completely in line with our conservative values that you might be wondering if we’re making it up!
Happily, the opportunity is quite real, and in fact, many Heritage Foundation members have already taken advantage of these special tax provisions in the last six years. After all, our members understand better than anyone that it’s individual freedom—not government intervention—that brings out the best in America.
We hope you’ll take advantage of this unique opportunity available through December 31 to make a difference during a time when our country is most need of principled leadership.
If you’re age 70 ½ or older and are already facing mandatory, taxable distributions, please consider how you can make it a tax-free gift in support of freedom. (It will still count toward your mandatory withdrawal!)