IRA Charitable Rollover Options
Congress has extended the Charitable IRA Rollover provision through 2011 as part of the 2010 Tax Relief package.
Donors 70 1/2 years of age and older can donate IRA assets to nonprofits without counting distributions as taxable incomes. IRA transfers to nonprofits cannot exceed $100,000 a year through December 31, 2011.
At Foundation For MetroWest, IRA donors may choose to use funds to add to or create a variety of funds, including:
- Designated funds to benefit specific nonprofits named by the donors.
- Unrestricted funds to provide grants to an array of nonprofits.
- Field of Interest funds to help organizations working in the arts, education or other areas.
Donations from IRAs can meet IRA holders’ required minimum annual distributions in 2010 and 2011. Excluded by the legislation, however, are transfers to donor advised funds and supporting organizations.
For More Information about the Advantages of Community Foundations
Please check out the Council on Foundations and Community Foundations of America’s web sites.Learn More >
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