CREATIVE GIVING WITH IRAS
CREATIVE GIVING WITH IRAS: A NEW WAY TO GIVE
Did you know that you can now support McLean with a donation from your IRA?
In August, President George W. Bush signed into law the Pension Protection Act of 2006. This new legislation allows donors who are 70½ years of age or older to make gifts using funds from their individual retirement accounts (IRAs) without paying income tax. Previously, any charitable donation taken from an IRA had to be reported as taxable income. A charitable deduction could be taken for the gift, but only up to 50 percent of adjusted gross income.
Now, a donation from your IRA can be used to fund exciting new research, improve a clinical program, provide training for a resident or support the hospital’s general needs.
How to Qualify
You may be able to make charitable contributions from your IRA if:
- you are age 70½ or older.
- the gift is $100,000 or less each year.
- you make the gift on or before Dec. 31, 2007.
- you transfer funds directly from an IRA or Rollover IRA.
- you transfer the gift outright to one or more public charities, such as McLean.
If you would like to learn more about this creative giving opportunity, please contact the McLean Development Office at 617.855.3571 or by email (McLeanDevelopment@partners.org).