The 2010 Tax Act extends legislation that offers individuals who are 70 1/2 years of age and have IRAs an opportunity to support qualified charitable organizations. If you meet the criteria, you can make a direct transfer from your IRA to us WITHOUT having to report the transferred amount as taxable income.
- The gift must be transferred directly from the IRA manager to the charitable organization.
- The donor must be at least 70 1/2 years of age.
- The contribution must be an outright gift.
- There is a $100,000 limit on the IRA transfer.
- Distributions form 401(K) and 403(B) accounts or other employer-sponsored retirement plans do not qualify.
- The provision in the law has been extended to December 31, 2013.
- IRA holders can still make rollovers in January 2013 or donate the mandatory IRA distributions they took in December 2012 and count them in their 2012 tax returns.
Don't miss this wonderful opportunity to benefit poor children ... and yourself! Contact your legal or tax advisor or your financial institution for more information.