If you own low-yielding stocks, mutual funds or other securities that are worth more than you paid for them, you can contribute them to CAMBA, get a tax deduction for the full current value, and avoid the capital gains tax you would have incurred if you had sold the assets outright. In effect, you are allowed to use the "paper profits" in the investment to make a larger gift to CAMBA than you can make from current income.
If you own a traditional or a Roth IRA, and are age 70 ½ or older, you can directly transfer up to $100,000 a year to CAMBA, without having to pay taxes on the withdrawal. NOTE: This rule does not apply to employer sponsored retirement plans.
CAMBA is an equal opportunity employer/program. Auxiliary aids and services are available upon request to individuals with disabilities. All voice telephone numbers on this document may be reached by persons using TTD/TTY equipment via the New York State relay number 1-800-662-1220.