Make a Gift from Your IRA in Time for 2009 Tax Season
During the 2009 tax year, if you are 70 and half years of age or older, you may direct up to $100,000 of your IRA to charity. This can qualify as your required minimum withdrawl and will not be on your tax return. Therefore, it is slightly better to make your gifts in this manner because it can reduce your adjusted gross income and may allow for more Schedule A deductions, depending on your tax bracket. This will also reduce your required withdrawls for future years.The Catholic Peoples Foundation can assist you and has more information available. Please contact Dot Teso at dot@catholicpeoplesfoundation.com.