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Gifts from Retirement Plans

Retirement-plan benefits are often a significant portion of one’s net worth. And because of special tax considerations, they can make an excellent choice for funding a charitable gift. Retirement-plan benefits include assets held in individual retirement accounts (IRAs), 401(k), profit-sharing, Keogh, and 403(b) plans.

Considerations for using Retirement Plan Assets:

  • After you attain age 70 ½, you are required to receive a distribution from your qualified retirement plan or traditional IRA each year. These distributions are includable in your gross income.
  • You plan to make a charitable gift from the distribution or of other assists equal in value to the distribution in order to receive an offsetting charitable deduction. Please consult your tax advisor.

 

A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION FOR TAMPA GENERAL HOSPITAL FOUNDATION, A FLORIDA-BASED NONPROFIT CORPORATION (REGISTRATION NO.CH407), MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL FREE 1-800 HELP-FLA (435-7352) WITHIN THE STATE OR VISIT THE FLORIDA CONSUMER HELP WEBSITE. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE.