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Asked 10/14/2008
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Can I contribute from my 401k to a charity without tax penalty? CAn I contribute stock from my 401k to a charity without penalty? |
Answer 1/1 - Submitted 10/15/2008
NO. If you have not reached the age where you are eligible to withdraw funds from your IRA, you will have to pay the early withdrawal penalty. You will also have to pay the federal and state taxes on the value of your withdrawal. You can deduct the contribution if it is made to a legally recognized charitable organization but that is after you have declared the withdrawal as income.
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