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IRA Charitable Rollover Passes

ira charitable remainder

The IRA Charitable Rollover passed. This afternoon, the President will sign into law The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This bill restores the IRA Charitable Rollover for 2010 and permits its use in all of 2011.

If you own an IRA and are over age 70½, you may transfer up to $100,000 directly from your IRA to St. Anthony Foundation because we are a qualified charity. You may not have taken your 2010 required IRA distribution and may reduce your income taxes with an IRA charitable rollover. Even if you have taken your required IRA distribution, you still may find the IRA charitable rollover a very convenient way to make a year-end gift. Thanks very much for your support.

An easy way to start an IRA Charitable Rollover is to send an e-mail to your IRA Custodian. This is usually a financial services company that manages your IRA. Please check their website for the correct e-mail address. Here is a sample e-mail. If you use this e-mail, please enter your account number in the blank.

Dear IRA Custodian,

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, effective from Jan. 1, 2010 to Dec. 31, 2011, permits a rollover directly from an IRA to a qualified public charity. As the owner of IRA account #_________________ that is in the custody of your organization, I request that you transfer from that account the sum of $_________________ to Favorite Public Charity, 123 Oak Street, Chicago, Illinois 52001. The Treasury Tax ID Number for Favorite Public Charity is 00-0000001.

It is my intention to make a Qualified Charitable Distribution (QCD) to Favorite Public Charity from my IRA, which may fulfill part or all of my IRA required minimum distribution for this year.

This letter is sufficient authorization for you to make this QCD gift. However, if you require any further documents, please promptly e-mail those to me.

Cordially yours,

IRA Owner

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