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As part of the Emergency Economic Stabilization Act of 2008, on October 3, 2008, the U.S. House of Representatives passed a two-year extension of Charitable IRA legislation, making it easier for Americans to give to causes they care about. The Charitable IRA provision, first enacted for 2006 and 2007, has the power to help local charities weather the current economic crisis. The extension goes through 2009.
For 2008 and 2009, individuals ages 70 1/2 and older may transfer up to $100,000 each year from an IRA to a charity – such as the Community Foundation – tax free. This may be beneficial for you if you do not need the extra income and want to make a significant gift during your lifetime.
The Community Foundation can help turn your individual retirement accounts (IRAs) into tax-saving charitable gifts. New tax benefits allow more people to experience the joy of giving during their lifetimes.
You can give more for less.
Thanks to the new legislation, American seniors can make the gift of a lifetime by giving their IRAs to charity without federal tax penalty. So your retirement funds can go further than ever before.
You can make a difference.
The Community Foundation understands our community’s most pressing issues and can help you establish a fund to make an impact in areas of need or opportunity that are important to you.
There is so much more we’d like you to know.
To learn more, contact David Ringwood, dringwood@cfdcny.org. | 
