A simple yet very beneficial gift to Denver Zoo is a gift through your retirement plan. You can name the zoo, along with family or friends, as a beneficiary of your IRA,
401(k), 403(b) or other profit sharing plan. The zoo can be the sole beneficiary, a beneficiary of a percentage of the plan, or the contingent beneficiary should your other beneficiaries not survive you.
Gifts from your retirement plan are some of the best assets to leave to charity, because they typically are taxed more heavily than other assets in your estate. If left to heirs, these assets are subject to income taxes – and, if left to someone other than your spouse, they are subject to both income and estate taxes (double taxation). If left to Denver Zoo, both income and estate taxes are completely avoided – therefore 100% of these assets go to support zoo programs.
To name Denver Zoo as a beneficiary of your retirement plan simply fill out a Beneficiary Designation form with your retirement plan provider.
New Tax Incentives for Current Charitable IRA Rollovers! Please read if you are 70 ½ or older!
If you are 70½ or older, a new law permits you to make current cash gifts of up to $100,000 from your traditional or Roth IRA while avoiding the taxation that would ordinarily occur. This is especially good news for those who do not itemize on their taxes or who are giving at 50% of their AGI (adjusted gross income). Since this legislation is currently only in effect through December 31, 2007, act now to take full advantage. Please note, these gifts qualify toward your required minimum distributions.
Please contact us for more information, or contact your IRA custodian directly for the necessary forms.
Q & A: Tax Incentives for Charitable IRA Rollovers
New legislation was passed allowing current cash gifts to qualified charities from your traditional or Roth IRA while avoiding the taxation that would ordinarily occur. Below are some common questions regarding this new law.
Q: Who is qualified to directly rollover funds from their IRA to charity?
A: Anyone 70½ or older qualifies.
Q: Why give to charity through your IRA?
A: IRA rollover gifts to charity are not included in your taxable income for Federal Income Tax purposes, therefore reducing your overall taxable income. Charitable IRA rollovers qualify toward your required minimum distributions.
Q: Who benefits most from giving through their IRA?
A: Individuals whose required minimum distributions from their IRA would move them into the next tax bracket, non-itemizers, those giving at 50% of their AGI.
Q: Is there a minimum/maximum size gift amount I am allowed to rollover?
A: Minimum amounts vary so check with your IRA custodian - the average amount is usually around $500 to $1,000. The maximum individuals are allowed to contribute in 2007 is $100,000.
Q: How do I make a gift from my IRA to charity?
A: Contact your IRA custodian for the necessary forms. IRA distributions must be made directly from your IRA account to a qualified charity, like Denver Zoo.
Q: When does this legislation end?
A: This law is in effect only through December 31, 2007, so act now to take advantage.
For More Information
Email us, complete the confidential illustration form, or call us at 303-376-4863 so we can assist you.
Denver Zoological Foundation
Gift Planning Department
2300 Steele Street
Denver, CO 80205
(303) 376-4863
Email us
The material on this web site is intended to provide general information, not legal or tax advice about specific situations or problems. Donors are encouraged to consult a lawyer or accountant for legal or tax matters.
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