Save on taxes AND help children at the United Methodist Children’s Home with the 2011 Charitable IRA Rollover Extension!
The 2010 tax act extended a benefit for certain IRA owners who are 70½ and older. Through December 31, 2011, tax-free distributions of up to $100,000 per taxpayer can be made from IRAs (traditional or Roth) to charities by individuals 70½ and older. These distributions can also be used to satisfy annual required minimum distributions (RMDs).
In lay-person’s terms, that means that you can give money from your IRA to the Children’s Home and you won’t have to pay taxes on those funds, even on funds that you were required to take as a distribution. If you’ve already been thinking about making a gift to the Children’s Home, giving through your IRA instead of writing a check can help you save on taxes.
Thank you for your gifts! Contact Richard Puckett (404.327.5838) with any questions.
Certain other requirements may apply. Check with your attorney, accountant, or other professional consultant for details.