Tax Provision Allows IRA Owners To Support IEEE Foundation

New act allows tax-free donations

6 April 2009

If you have an individual retirement account, you’ve got a new way to support the IEEE Foundation and other charitable organizations. A provision in the Emergency Economic Stabilization Act of 2008 allows owners of IRAs who are U.S. taxpayers age 70½ and older to make tax-free donations from the account of up to US $100 000 at any time through the end of this year. Spouses can make a separate donation from their IRA, also up to $100 000.

PICK A FUND To take advantage of the provision, select the IEEE Foundation fund you wish to support from the more than 125 funds available. Then contact your IRA trustee or manager to make the donation, which must be rolled over from your account directly to the charity. Notify the foundation of your intention to make the donation. Once a donation is received, the foundation will send the donor an acknowledgment, and add the person’s name to the IEEE Goldsmith Legacy League, the foundation’s recognition group for donors. You also can donate anonymously, if you prefer.

If you have questions or wish to make a donation, visit the IEEE Foundation or contact the IEEE Development Office by e-mail at donate@ieee.org or call +1 732 562 3860.

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