Give to JGI from your IRA before Dec. 31 and Avoid Income Tax on the Distribution

The provision in the tax law that allows taxpayers aged 70 1/2 and older to make distributions directly to a charity of up to $100,000 from their traditional and Roth IRAs and avoid income tax on the distribution is scheduled to expire on December 31 this year.  This may be the last year to make these gifts without incurring income tax on the withdrawal.  (The gift avoids federal income tax but state income tax may still apply.)

 

Under this provision in the law, these types of gifts can only be made from a traditional or Roth IRA.  Other types of retirement plans are not covered.  You can, however, roll over retirement assets like 401K, 403(b) etc., into an IRA and then direct the IRA provider to transfer the funds directly to the Jane Goodall Institute (JGI).  The total IRA distributions to the Institute plus any other donations to a charity cannot exceed $100,000 per year but a couple with separate IRAs can each make gifts up to $100,000.  The IRA rollover gift is a simple and easy way to give a donation to the Jane Goodall Institute while taking advantage of this significant tax incentive. 

 

JGI cannot offer legal, accounting or other professional advice.  Please consult with your financial advisors about the best way to take advantage of this giving opportunity. 

If you need any further information, please call Carol Irwin, Director of Planned Giving (703) 682-9267 or email: cirwin@janegoodall.org.

Thank you again for your thoughtful consideration.  The Jane Goodall Institute deeply appreciates your support.

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