Summit Ministries

In order to help charities further their good work, Congress recently changed the rules for charitable gifts made from individual retirement accounts (IRA). If you are over age 70 1/2, the Federal government now permits you to rollover amounts from your IRA to charity without claiming any increased income or paying any additional tax.

These tax-free rollover gifts could be $1,000, $10,000 or any amount up to $100,000 in one year. This gift counts towards your 2008 minimum required distribution and is not subject to federal income tax.

If you are interested in making a charitable securities donation, please contact us to discuss the details.