Making a Gift Using the IRA Charitable Distribution
As you think about ways to maximize your Gift to Wheelock this year you might consider taking advantage of this wonderful opportunity.
Traditionally, all transfers from an IRA, even to charity, are subject to income tax. However, the Emergency Economic Stabilization Act of 2008 has extended a limited window of opportunity, called the IRA Charitable Rollover, which permits gifts of traditional or Roth IRA assets to be transferred directly to a charity such as Wheelock College, free of federal income tax and withdrawal penalties.
This year you can make gifts using funds from your individual retirement accounts (IRAs) through 2009 without any undesirable tax effects. You pay no federal income tax on your charitable distribution and your Adjusted Gross Income is not increased by IRA distributions. Your gift counts toward your Required Minimum Distribution. The transfer is quick and direct from your IRA to Wheelock with a minimum of paperwork. The gift helps Wheelock while you are living and able to witness the benefits of your generosity.
You may contribute funds this way if:
You are age 70½ or older at the time of the gift.
The gifts do not total more than $100,000 in 2009.
You transfer funds directly from an IRA. You make the gifts to qualified public charities, such as Wheelock. (This excludes gifts made to charitable trusts, donor advised funds, charitable gift annuities and supporting organizations.)You make the gift by December 31, 2009.
To make a IRA Charitable Distribution Gift contact your IRA account administrator to request the forms necessary to transfer your desired gift amount directly to Wheelock College. The forms may be available on you plan's website.
Request that a check be sent directly to Wheelock College, 200 The Riverway, Boston MA 02215. Attention: Terri Houston, Director of Major Gifts and Planned Giving.
** Your financial advisors are important partners in your philanthropy, and Wheelock encourages you to discuss this, and all charitable giving decisions, with them.
Questions: Please call Terri Houston 617-879-2126