New IRS Tax Ruling for Individuals 70 1/2 and older with IRAs

The recent economic bailout bill enacted by Congress includes a provision allowing individuals 70 and ½ years of age and older to transfer up to $100,000 tax free from their IRA to a charity of their choice. The provision will be made retroactive to January 1, 2008 and will apply to gifts from that date through December 31, 2009. The contribution must be a direct gift to charity (not a planned gift).

For further information, please contact Lydia Neumann at the Foundation: 212-315-8622.