On October 3, federal charitable IRA legislation was renewed that allows individuals aged 70-1/2 or older to make outright gifts from individual retirement accounts without tax complications. As with previous legislation, donors may give up to $100,000 each year in 2008 and 2009 to a charitable institution like Foothill Presbyterian Hospital (FPH) through its philanthropic support organization, The Foothill Foundation.
This giving option is particularly beneficial to FPH donors and community friends who are required to take minimum withdrawals from their IRA accounts but do not need the income. The legislation also enables donors to increase their charitable giving by up to $100,000 more while avoiding up to $35,000 in federal income tax on IRA distributions in each of the next two years.
“These rollovers are a win-win deal for the donor and the university,” says Mike Foxworth, executive director The Foothill Foundation. “Not only do donors enjoy a slew of tax advantages, but they may suddenly be in a position to increase their giving to benefit the present and future of the hospital.”
To learn more about making a charitable donation to FPH through an IRA rollover, please contact Mike Foxworth at 626-857-3349.
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