January 14, 2011

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Make a tax-free gift through an IRA charitable rollover

The IRA charitable rollover that allows transfers from your IRA to qualified public charities has been extended for 2010 and 2011.

Most importantly, you can make an immediate impact on the ministry of the Church. The full amount of the distribution is not diminished by income taxes.

Here are the basic rules for direct transfers from an IRA to a qualified public charity:

• Donors age 70½ and older can direct a distribution of up to $100,000 from an IRA to the Church. The IRA transfer must be made directly from a custodian or trustee to the charitable organization.

The IRA distribution must be a direct charitable gift and not a distribution to a charitable remainder trust or a charitable gift annuity.

• Qualified direct distributions to charity from your IRA are not subject to income tax. The new law provides that you can make a distribution through Jan. 31, 2011, and count it as a gift for 2010.

For more information about how you and the Church can benefit from an IRA charitable rollover, contact your parish office or Ellen Brunner, the director of planned giving for the Catholic Community Foundation, Inc., at 800-382-9836, ext. 1427, or 317-236-1427 or e-mail her at ebrunner@archindy.org. †

(Related: A wonderful way to give and receive in 2011)

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