I write with this important news for those individuals who are 70 1/2 years old or older, who may be looking to make year-end gifts to the Catholic Foundation for Brooklyn and Queens:
In the next day or so, President Obama is expected to extend the Tax Increase Prevention Act of 2014, meaning that individuals over 70 1/2 years of age can transfer up to $100,000 directly from an individual IRA to the Catholic Foundation for Brooklyn and Queens without having to recognize the transfer as income. In fact, this potential transfer counts for the donor as the minimum required distribution from an IRA account.
However, time is running out as the deadline is December 31, 2014. While these transactions usually take a few weeks to process, it can be fast-tracked since the extension was approved so late in the year. As always, please contact your IRA provider for exact instructions.
Many thanks for your consideration and support of the Catholic Foundation for Brooklyn and Queens and please spread the word on this unique opportunity for our seniors and the Catholic Foundation.
My Best Always,
Nicholas Vendikos, KHS
Director of Development