Yes Yes
, September 21, 2006. Follow @Kiplinger. An article about the new tax law in the October issue of Kiplinger's says that if you are 70#189; or older, you can send your required minimum distribution from your IRA to a charity and not pay taxes on it. However, you can make charitable contributions with the money you withdraw from an IRA, which might reduce the amount of tax you owe on the distributions. You also might have to pay estate taxes on your inherited IRA distributions, but you might be able to deduct a portion of these from your income tax bill. Beneficiary IRAs. You create a beneficiary IRA by listing the deceased as the owner and yourself as the beneficiary. You can then perform a trustee-to-trustee transfer from the deceased’s IRA to the beneficiary IRA. 1 You can’t withdraw the money from your IRA and then give it to the charity; it must be transferred from your IRA directly to the charity. 2  You can’t write off the charitable donation. 3  The tax break comes by not having to pay income taxes on the distribution from your IRA. 4  Donations to donor-advised funds are not allowed. 1 You can’t give more than $100,000 per year. 2  You can only do this in 2006 and 2007. 3  You can’t withdraw the money from your IRA and then give it to the charity; it must be transferred from your IRA directly to the charity. 4  You can’t write off the charitable donation. 1 You can only do this in 2006 and 2007. 2  You can’t withdraw the money from your IRA and then give it to the charity; it must be transferred from your IRA directly to the charity. 3  You can’t write off the charitable donation. 4  The tax break comes by not having to pay income taxes on the distribution from your IRA. 1 You can’t give more than $100,000 per year. 2  You can only do this in 2006 and 2007. 3  You can’t withdraw the money from your IRA and then give it to the charity; it must be transferred from your IRA directly to the charity. 4  You can’t write off the charitable donation. Even if you and your spouse both made the maximum $100,000 charitable IRA rollover gift to a qualifying charity during one or more previous years, you can still take advantage of this legislation again for the 2014 tax year. Whether or not you choose to make a charitable IRA rollover gift, you can still designate the Virginia Tech Foundation Inc. as a beneficiary to receive IRA assets after your lifetime. The lifetime charitable IRA rollover is simply another option for donors who would like to see their philanthropy at work now. Taxpayers over age 70 1/2 can make tax-free transfers from an IRA directly to a charity. They face a Dec. 31 deadline, too, and this year could be the last chance for this type of tax-saving transaction.  An IRA owner, age 70½ or over, can directly transfer, tax-free, up to $100,000 per year to an eligible charity. This option, first available in 2006, can be used for distributions from IRAs, regardless of whether the owners itemize their deductions. IRA owners age 70½ or older have until Wednesday, Dec. 31 to make a direct transfer of part or all of their IRA distributions to an eligible charity. The Tax Increase Prevention Act, enacted Dec. 19, extended for 2014 the provision authorizing these qualified charitable distributions (QCDs). The term “inherited IRA” might be confusing, because it means two things. It’s the individual retirement account of a deceased person who named you as the beneficiary. It’s also commonly used to refer to a type of IRA you set up in the deceased’s name for your benefit as a beneficiary. Beneficiary IRAs. You create a beneficiary IRA by listing the deceased as the owner and yourself as the beneficiary. You can then perform a trustee-to-trustee transfer from the deceased’s IRA to the beneficiary IRA. Owners of traditional IRAs can make qualified charitable distributions after reaching age 70 1/2. A qualified charitable distribution is a nontaxable trustee-to-trustee transfer from a traditional IRA to a qualified charity, which is one that accepts tax-deductible contributions. Beneficiary IRAs. You create a beneficiary IRA by listing the deceased as the owner and yourself as the beneficiary. You can then perform a trustee-to-trustee transfer from the deceased’s IRA to the beneficiary IRA.
http://www.kiplinger.com/article/taxes/T032-C001-S001-transfer-ira-distributions-to-charity.html http://finance.zacks.com/can-inherited-ira-gifted-charity-10590.html http://theestatepreservationadvisor.com/articles/giftira.htm http://theestatepreservationadvisor.com/articles/giftira.htm http://www.givingto.vt.edu/GiftPlanning/ira-rollover.html http://www.bankrate.com/financing/taxes/ira-charity-rollover-time-ending/ https://www.irs.gov/uac/newsroom/tax-free-transfers-to-charity-renewed-for-ira-owners-70-and-one-half-or-older-rollovers-this-month-can-still-count-for-2014 http://finance.zacks.com/can-inherited-ira-gifted-charity-10590.html http://finance.zacks.com/can-inherited-ira-gifted-charity-10590.html
can ira's be gifted to charity