New legislation has extended a special charitable giving opportunity for individuals to use funds from an IRA for charitable giving. The original law expired in 2009, but Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Job creation Act of 2010 to be extended through 2011, as well as retro-activate to January 2010.
The law allows people age 70½ and older to transfer up to $100,000 of IRA assets each year to public charities without triggering federal income taxes today or estate tax in the future. If married, each spouse is eligible for the tax-free IRA transfer.
The Omaha Community Foundation has three options to assist your clients in turning their IRA’s into charitable dollars for our community:
Designated Fund – support the good work of a specific nonprofit by creating a fund designated for that organization. The Foundation will invest your gift for long-term growth and issue grants to your favorite nonprofit on a regular basis.
Field of Interest Fund – connect personal values to high-impact opportunities. The Foundation awards grants to causes that are most important to you.
Fund for Omaha – address a broad range of current and future needs. The Foundation evaluates all aspects of community well-being and awards grants based on a nonprofit’s greatest needs.
Feel free to contact us at (402) 342-3458 or giving@omahafoundation.org to find out more about how your clients can use their IRA to benefit the entire community.
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