IRA Legislation - Donors Tax-free Gift Opportunity
This group is managed by Louise
East Lansing, MI, Dec. 20, 2010 - Congress has extended legislation that allows donors ages 70½ and older to gift up to $100,000 from their 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!The new law extends legislation for 2010 and 2011. Also, because of how late the bill was passed, IRA gifts made through Jan. 31, 2011 can be treated like they were made in 2010—applied to the 2010 required minimum distribution, the 2010 tax year, and the $100,000 limit for 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 70 1/2 or older.
- You must make a direct rollover, not a personal distribution.
- You must make the gift before Jan. 31, 2011 to apply it to the 2010 tax year.
For more information, talk to your financial advisor or contact Martin Luther Chapel at 517-332-0778. Instructions and a request letter are available for you to use to make your IRA gift.
