Support the Newberry with a Tax-Free Gift From Your IRA
If you are age 70½ or older, you can make a charitable gift to the Newberry Library using funds from your individual retirement accounts (IRAs), thanks to the extension of the charitable IRA legislation by Congress. Note that you must make your gift before December 31, 2013.
You can make a charitable gift of up to $100,000 from your IRA. Note that the funds must be transferred directly from a traditional or Roth IRA to the Newberry Library or other qualifying nonprofits.
Benefits of Making a Gift from Your IRA
- The amount you donate will be excluded from your gross income for 2013, so these funds will not count as taxable income for the year;
- A gift transferred from your IRA is not taken into account in determining your allowable deduction for charitable contributions;
- Transfers do count toward your required minimum distribution from your IRA for the year.
For more information, talk to your financial advisor or visit the IRS website.