IRA Charitable Rollover − Extension
It’s not too late!
Congress’ December legislation opened an opportunity through January 31, 2011 to make a 2010 charitable gift using your IRA.
The gift must be a direct transfer from your IRA administrator directly to the charity of your choice. Of course, we hope that will be The Florida Bar Foundation.
The tax savings work as follows: The gift will avoid taxation on your mandatory distribution, but it does not create an income tax deduction. You can satisfy your minimum required distribution for 2010 with charitable gifts of any amount totaling up to $100,000.
You must be at least 70 and ½ years of age, and your transfer must come from a qualified individual retirement account. The funds do not go through your hands, but are a direct transfer to the charity from the IRA administrator.
As a lawyer, we hope you wil consider the Foundation as your charity. For questions, contact Tim Bachmeyer, Director of Development, at tbachmeyer@flabarfndn.org or at 407-451-9187.
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