New tax legislation allows — for a limited time — a way to make gifts to the WSU Foundation and other charities using individual retirement accounts (IRAs) without negative tax consequences.
Similar to previous legislation called the Pension Protection Act of 2006, the Emergency Economic Stabilization Act of 2008 allows distributions up to $100,000 per year per taxpayer to qualified charities from a traditional or Roth IRA.
The distributions are not reportable income to the plan owner, nor does he or she receive a charitable income tax deduction. The distribution can satisfy the plan owner’s required minimum distribution.
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