Law extends tax-free option for some charitable IRA gifts
Congress has extended the legislation allowing donors to make tax-free gifts from their IRAs (Individual Retirement Accounts). Because Congress acted so late in the year, individuals can complete an IRA rollover through Jan. 31, 2011, and still elect to have it count as a 2010 IRA charitable rollover. If you are age 70½ or older and receive these distributions, you can make tax-free gifts, totaling up to $100,000, until Dec. 31, 2011, from your traditional IRA to qualified charities such as your United Methodist church or ministry While you cannot claim a charitable deduction for IRA gifts, your gift amount will reduce your taxable estate, and you will not be required to pay federal income tax on any amounts you distribute to qualified charities. The Oklahoma United Methodist Foundation can help you make your gift; contact the Foundation at 800-259-6863 for details. |