The Emergency Economic Stabilization Act of 2008 includes an extension of the IRA rollover. This opportunity will be available through December 31, 2009.
IRA Distribution Options
If you are required to take minimum distributions from your IRA, you have three options:
1. Remove the investment risk and support your family at the same time by taking a distribution and using the after-tax remainder to make a gift to Cleveland Clinic. You could establish a charitable gift annuity, which guarantees you income for life, plus you may benefit from partial tax savings.
2. Roll it over directly to Cleveland Clinic and pay no tax. Your gift will go to support your favorite program or area within Cleveland Clinic, but since the money in your IRA has never been taxed, you will not be eligible for a charitable tax deduction.
3. Keep the distribution and pay taxes. If you reinvest it, however, your and your family will be subject to investment risk
IRA Rollover Qualifications
You qualify for a Charitable IRA Rollover if:
- You are age 70 ½ or older
- The cash distribution is made directly to a qualified charity
- The distribution is $100,000 or less per year
- Your gift is outright (rollovers to a planned gift, such as s gift annuity or charitable remainder trust do not qualify)
Contact Us
Check with your legal or financial advisor or call Cleveland Clinic’s Office of Institutional Relations and Development to see which of these options is right for you and your family. Call 800.223.2273 ext. 41251 or 216.444.1251, or email your questions to giftplanning@ccf.org
More Gift Planning News
Read the latest issue of Pyramid newsletter to learn about gifts you can make during a recession.
