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The IRA Charitable Rollover
** Extended through 2009 **
The Emergency Economic Stabilization Act of 2008 has extended a popular giving option for individuals age 70 ½ and older:
- This law allows donors to transfer funds from their IRAs directly to their favorite charity free of taxes on the donation and not subject to the 50% adjusted gross income limit.
- The qualified IRA charitable rollover can also fulfill all or part of the minimum distribution requirement for those 70 ½ years of age and older.
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"We decided to take advantage of the IRA Charitable Rollover program and help The Ohio Historical Society's Campus Martius and Ohio River Museum sites.
We are interested in preserving historic artifacts, especially those that are important to Marietta, which we love so much."
Chuck and Marian Kurner
Marietta, Ohio
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- Those who take the standard tax deduction for charitable giving can benefit from a direct IRA-to-charity gift.
- If you are a Social Security recipient, you may also benefit from IRA Rollover gifts.
- Don’t wait! This opportunity is only available until the end of 2009.
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Your Retirement Fund and Your Will
If you have a 401(k), 403(b), a Keogh, or an IRA retirement plan, you can make the Ohio Historical Society a beneficiary of a retirement plan in your will. If this asset is given to your children or grandchildren, taxes can take up to 44% of the gift. If you give this asset to a qualified charity such as OHS, no taxes are required.
An option: Make a gift to the Ohio Historical Society of all or part of your retirement fund and ask in your will that all or part of those assets be used by the charity to set up a charitable gift annuity that will provide your child with a stream of income for retirement for the rest of his or her life.
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