You now have a second opportunity to make tax-free gifts from your IRA

The recent legislation dealing with the Wall Street mortgage securities problem also provided good news for individuals aged 70½ or older with individual retirement accounts. You may once again make outright gifts to your charities using IRA funds without tax complications.

George Simon '55 will use the IRA provision to complete his pledge commitment to the Robert N. Noyce '49 Science Center. He says, "I calculated that I saved $1,500 in taxes by making my charitable gift commitments from my IRA in 2007."

If you are required to receive minimum distributions from your IRA, consider using those funds to fulfill your charitable gifts in 2008 and 2009. While you cannot claim a charitable deduction for the IRA gifts, you will not pay income tax on the amount transferred.

• You are 70½ or older
• Your IRA gifts total $100,000 or less each year in 2008 and 2009
• You transfer funds directly from an IRA account to a nonprofit organization
• You transfer the gifts outright to one or more public charities (this excludes gifts made to charitable trusts, donor advised funds and supporting organizations)

We are prepared to help you through the process.

Call toll-free 866-850-1846 or email Neill Goltz, goltzn@grinnell.edu, or Sandy Durbala, durbala@grinnell.edu, for assistance in working with your plan administrator.