New Tax law Allows IRA Direct Gifts To The Auditorium Theatre
Recent legislation allows taxpayers aged 70 ½ and older in 2007 to make an IRA rollover gift to the Auditorium Theatre of up to $100,000.00 without paying income taxes on the IRA withdrawal. (Of course, as there is not tax on the amount, there also would be no charitable deduction for this gift.) Simply contact your IRA fund administrator to receive the applicable rollover forms.
Currently, this legislation only extends through 2007, but is particularly attractive to taxpayers with excess IRA funds who either do not itemize their income tax deductions or live in a state, like Illinois, which does not recognize charitable deductions for its income tax program.
The law requires that such rollover gifts be directed to a qualified charity. It does not cover planned gifts, charitable gift annuities and charitable remainder trusts.
Please contact us at (312) 922-2110 ext 368 if you are interested in making an IRA rollover gift to the Auditorium.
