Memorial Sloan Kettering

A Tax-Smart Way to Give Through Your IRA

Issue link: http://read.uberflip.com/i/664759

Contents of this Issue

Navigation

Page 1 of 7

The Details of Making a Gift The IRA charitable rollover allows you to make a tax-free gift from your individual retirement account (IRA). This law no longer has an expiration date, so you are free to make annual gifts to qualified charitable organizations from your IRA this year and well into the future. If you are 70½ or older, you can transfer any amount up to $100,000 directly from an IRA to MSK without tax complications. Your spouse also can give $100,000 from his or her own IRA if he or she is 70½ or older. The gift does not generate taxable income or a tax deduction. You can even transfer the exact amount of your required minimum distribution if you don't wish to receive the taxable amount or pay taxes on it. If you are 70½ or older, you may be eligible to make funds transferred directly from your IRA. Your gift can Solutions for Your Make Your Assets Work for You Memorial Sloan Kettering

Articles in this issue

view archives of Memorial Sloan Kettering - A Tax-Smart Way to Give Through Your IRA