Oct. 6, 2021 | CHH Foundation, News, St. Mary's Foundation
by Bradley Burck

Special Tax-Free IRA Gifts

Give From Your IRA

Give a Special Gift Today!

Congress did it and made it permanent!  For those aged 70½ or older, it is once again possible to make special tax-free charitable gifts from traditional and Roth IRA accounts.

A total of up to $100,000 can be transferred directly from traditional or Roth IRAs to one or more qualified charities such like Cabell Huntington Hospital Foundation free from federal income tax each year. There may also be state income tax savings. Amounts given in this way count toward required IRA minimum withdrawal amounts for the year of the gift.

To make such gifts, it is important to not withdraw funds prior to a gift, but have the gift amount distributed directly from an IRA to one or more qualified charities. For those with check writing privileges on their accounts, this may be the most efficient way to make gifts directly from an IRA.

Please check with your IRA administrator or your tax advisor for more information.

When you do, please consider one of the many project the Foundations at Cabell Huntington Hospital and St. Mary’s Medical Center are currently funding…

  • Hoops Family Children’s Hospital
  • Center of Excellence – Heart Center at St. Mary’s
  • Edwards Comprehensive Cancer Center
  • Health and Nutrition Education
  • Nursing Scholarships at St. Mary’s
  • And many more…

If you have questions or want to make sure your gift is designated properly, please contact Kristi Arrowood at 304.526.2009.

 

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