Tax Free Distributions from IRA’s for Charitable Purposes — Beginning in 2006, a tax-payer who has attained the age of 70-1/2 may withdraw from either a traditional or Roth IRA and exclude up to $100,000 per year for a qualified charitable distribution. (Such amounts will not be taken into account in determining the taxpayer’s charitable income tax deduction for the year.) Note that this provision only applies to IRA’s not other qualified plans. A qualified charitable contribution can be made only for two year period after 12/31/05 through 1/1/08 and must be directly made to the charity. The account holder must have attained the age of 70-1/2.
Gifts of highly appreciated assets, such as securities or real estate, offer special advantages since the portion of the fair market value that represents increase in value is generally not subject to capital gains tax.
Donations can be mailed to:
Roughrider Scholarship Foundation
PO Box 152
Center, Texas 75935
Should the donation be made in memory or honor of an individual, a card from the Foundation is sent to the family of the deceased or the individual being honored to acknowledge the gift.
If you would like more information or to speak with a representative from RSF please our contact form. Thank you.