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Lifetime Gift from a Retirement Account How it works
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New legislation gives donors aged 70½ and older an opportunity to direct lifetime distributions from their IRAs to K-LOVE without incurring income tax liability on the withdrawal. The provision will be in effect for just the 2006 and 2007 tax years. Distributions to K-LOVE plus other charitable beneficiaries can total $100,000 per year, and must be made outright — they cannot fund a life-income gift. Just 
Donors younger than 70½ can make a withdrawal from their IRA or other type of retirement plan, pay income tax on the withdrawal, and donate the proceeds to K-LOVE. These gifts can be made outright or can fund a life-income gift and will generate a charitable deduction for the donor.
