The Summit Foundation strives to inspire donors, build partnerships and mobilize resources to support community organizations in Summit County (and the surrounding communities) that foster health & human service, education, art & culture, sports & recreation and environmental stewardship.




 
 


Archive for December, 2010

You can still make a tax-free gift from your IRA!

If you’re age 70 ½ or older –– you may be able to take advantage of an important incentive for charitable giving.  Congress has re-authorized the provision that allows donors to make gifts from their IRA accounts to one or more charities, without first incurring income tax on the withdrawal.  This means that you can direct that amount to The Summit Foundation with no income tax liability.  The IRA Rollover may provide you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.

Because Congress acted so late in 2010 to pass this legislation, you can make this type of gift until January 31, 2011 and still elect for it to count as both a gift and as your minimum required distribution for 2010.

To learn more about this provision, and to receive instructions on transfering funds directly to The Summit Foundation, please call us at 970-453-5970 or email Kasey.



 

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