|Make a tax-free IRA charitable gift in 2006|
If you are at least 70 ½ years of age and own an IRA, you may now transfer a gift of up to $100,000 from your IRA to the UND Foundation absolutely tax-free. With the IRA gift, your donation will not be included in your taxable income, and no income tax deduction will apply.
Up until recent passage of the Pension Protection Act of 2006, such IRA withdrawals would be subject to income tax. Now, thanks to this new legislation, IRA owners who meet the minimum age requirement of 70 ½ may make tax-free gifts to qualified charitable organizations, such as the UND Foundation, of up to $100,000 per year for both 2006 and 2007.
Qualified charitable transfers must come only from IRAs (not 401(k), 403(b), SEP-IRA or Simple IRA plans). However, for some donors it may be possible to establish a new IRA and then roll over assets from another plan to the new IRA. This IRA may then be used to make qualified charitable gifts.
For more information on this exciting gift opportunity for our senior alumni and friends, please contact one of our UND Foundation development officers today or visit our website at www.undgift.org.