Due to Congressional action, you now have a special planning opportunity if you are age 70 ½ or older, own an IRA, and intend to make charitable gifts this year. You have the ability to make distributions directly from your IRA to Overlake Medical Center Foundation without the distributions being included in taxable income or being subject to withholding.
Certain limitations apply to these non-taxable charitable distributions from an IRA:
- Distributions cannot exceed $100,000 per person per year.
- The gift must be made outright – it cannot be made to establish a gift annuity or trust, or to a donor advised fund or supporting organization.
- No goods or services, such as tickets to an event, can be received in exchange for the contribution.
- Congress extended this giving opportunity only through the end of 2013.
To arrange your gift, please contact your IRA Administrator directly and feel free to contact Stephanie Stewart, Director of Planned Giving, should you have any questions at (425) 688-5452 or by email.