Important Information about IRA or Roth IRA giving for 2010 and 2011
San Jose, CA December, 2011-
Congress has extended legislation that allows donors ages 70½ and older to gift up to $100,000 from their IRAs or Roth IRAs to charity. It's easy to make a gift by
directing your custodian to transfer a portion of your required minimum distribution directly to charity. The gift is not counted as part of your taxable income, so it is tax-free!
extended legislation for 2010 and 2011. Also, because of how late the bill was passed, IRA or Roth IRA gifts made through December 31, 2011 can be treated like they were made in 2011—applied to the
2011 required minimum distribution, the 2011 tax year, and the $100,000 limit for 2011
We have been informed that even if you have taken your required minimum distribution you can make another distribution for this purpose tax free
The Bill is called “The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.”
Here is a brief summary of the details:
Your gift can be any amount up to $100,000. Your gift can count toward your minimum distribution. You must be age 70½ or older. You must make
a direct rollover, not a personal distribution. You must make the gift from your IRA or Roth IRA before Dec. 31, 2011 to apply it to the 2011 tax year.
Download instructions and a request letter you can use to make your IRA / Roth IRA Qualified Gift here.