Gifts from IRAs
Tax-saving and giving opportunity
PLEASE NOTE: The law allowing tax-free IRA rollovers to CPMC Foundation expired December 31, 2011. Congress is considering a renewal of this legislation. Please check with us for further updates before making a gift from your IRA account.
Congress extended tax laws for 2011 to permit you to make a charitable gift from your individual retirement account (IRA) to California Pacific Medical Center Foundation without incurring tax consequences (if you are at least age 70½).
Your IRA transfer of up to $100,000 in 2011 will not be included in your taxable income and is not tax-deductible. However, you can count it toward your “minimum distribution requirement.”
IRA-Gift Guidelines
- Qualify at age 70½ or older
- Donate up to $100,000 a year
- Make the gift before December 31
- Transfer funds directly from an IRA you own
- Count toward your “minimum distribution requirement”
- Exclude from your taxable income
- Cannot claim a tax deduction for an IRA gift
Instructions to Transfer Your Gift
Ask your IRA custodian to transfer your gift amount directly to CPMC Foundation using the language in the sample letters:
Personal Assistance
W. Gary Ogburn, J.D.
415-600-2410
ogburnwg@sutterhealth.org
Name CPMC Foundation as a beneficiary of your retirement plan.
Request a Retirement Plan brochure.