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GiftLaw Pro Home   >  Chapter 4 - Specific Property Gifts  >  4.6 IRA, Pension and IRD  >  4.6.8 IRA Charitable Rollovers  >  Basic Quiz

Basic Quiz - 4.6.8 IRA Charitable Rollovers

1. Taxpayers age 70½ and older are permitted to roll over any amount from their IRA accounts directly to a qualified charitable organization.
           
2. A donor who makes a current gift from her IRA to charity will receive a charitable income tax deduction.
           
3. Under PPA 2006, taxpayers age 59½ and older can transfer IRA funds directly to a charity in return for a life income gift such as a charitable remainder unitrust.
           
4. An IRA charitable rollover gift may be made to any qualified public charity.
           
5. A charitable remainder trust funded with an IRA rollover gift may benefit a donor and his or her family and friends.
           
6. Each year, IRA owners age 73 and older must take a required minimum distribution (RMD). A donor's IRA gift will qualify as his or her RMD.
           
7. The IRA rollover gift is generally made by completing a distribution form provided by the IRA custodian.
           
8. There is no state tax impact for an IRA rollover gift.
           
9. Current gifts from other qualified plans such as 401(k) and 403(b) plans may be made to charity without federal tax impact.
           
10. A Social Security recipient may reduce taxes with an IRA rollover gift.