September 13, 2011
IRAs: New Tax-Saving Opportunity for Donors Age 70 or Older
IRA Charitable Rollover Donation Reinstated for 2010 and 2011
Congress has reauthorized legislation that allows donors 70 ½ and older to make charitable gifts from their IRA account as part of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (PL111-312).
- You must be 70 ½ or older at the time of the gift.
- The transfers must originate from a traditional IRA or Roth account. 401k, 403b, Sep or other retirement plans do not qualify.
- Your plan provider must issue the donation directly to the charity. Funds withdrawn and personally sent by you to the charity do not qualify.
- Your donation can be used to satisfy your Minimum Required Distribution.
- The donation can be excluded from your gross income for federal tax purposes.
- An individual can donate up to $100,000 per year.
- Contact your IRA custodian or plan provider to discuss your gift intent. They will provide you with their procedures.
- So the Humane Society of the United States can provide you with the appropriate acknowledgement letter, please contact Steve Maughan at firstname.lastname@example.org or call the Department of Philanthropy at 800-808-7858.
You can also help Celebrate Animals and Confront Cruelty by naming The Humane Society of the United States as a beneficiary of your retirement account.
We encourage you to consult your financial advisor to determine if an IRA charitable donation complements your overall financial strategy.