IRA Charitable Gifts Reauthorized

President Bush signed a two-year extension of the IRA Rollover provision as part of the $700 billion economic bailout bill.  The provision will be made retroactive to January 1, 2008, and will apply to gifts made from that date though December 31, 2009.  As part of the Emergency Economic Stabilization Act of 2008, Congress extended the charitable giving from IRA accounts provision allowing those over the age of 70 1/2 to make gifts from their IRAs.  The Pension Protection Act of 2006 allowed such gifts for calendar years 2006 and 2007.  The new law allows these gifts to continue through 2009.

In 2006 and 2007, some donors made one-time special gifts to the Norwalk Hospital Foundation.

How to Make a Gift From your IRA

• You must be at least 70 1/2 years of age.
• Your IRA administrator must send your gift directly to the Norwalk Hospital Foundation on or before December 31, 2009.
• You can give up to $100,000 each year per person.
• Your gift will count toward your minimum distribution requirements for that year.
• You will not pay taxes on that withdrawal, so you cannot claim an income tax charitable deduction for these gifts.
• Your plan administrator can advise you on state and local taxes.
• Have your gift sent directly to: Norwalk Hospital Foundation, 34 Maple Street, Norwalk, CT  06856
• Norwalk Hospital's Tax I.D. is: 222577707