Expiring Soon: IRA Charitable Opportunity
In December 2010 Congress extended for one more year legislation that lets you donate Individual Retirement Account assets directly to charity and not have them count as taxable income. This legislation was first approved in 2006 and was extended in 2008 before being extended again at the end of 2010. To take advantage of this opportunity that will expire after December 31, 2011 you must:
- Be at least 70 ½ at the time of your donation
- Use your IRA to make a charitable gift of up to $100,000 a year
- Make your gift by December 31, 2011 to have it count towards your 2011 tax year
- Have the IRA withdrawal go directly to the charity you choose
Your gift can be in any amount (up to $100,000) and count towards your required annual minimum IRA distribution. You may also use your gift to pay pledges you have made to charities.
The Hampton Roads Community Foundation can help you put your gift to work providing grants to nonprofits or providing scholarships for students. If your IRA gift is $25,000 or more, you can start a named fund that will help your community forever. Scholarships for students, grants to a variety of nonprofits or grants to specific nonprofits that you love are among your options.
Click here to read guidelines and to see a sample letter for making a charitable distribution from your IRA.
If we can help you please contact Nan Edgerton, vice president of development, at (757) 622-7951 or at nedgerton@hamptonroadscf.org.
Resources for more information on the IRA charitable rollover:
Special Expert Article about IRA Transfer
Guide to IRA Charitable Transfer
Partnership for Philanthropic Planning
Confirmed in compliance with national standards for U.S. community foundations.