Adjust Text Size: A A A

Tax-Free Giving Opportunity Using the IRA Charitable Rollover Provision

There is an excellent option available to seniors who wish to support their favorite charity using funds from their traditional or Roth Individual Retirement Accounts without increasing their taxable income.

Congress included an extension to the IRA Charitable Rollover provision in the Emergency Economic Stabilization Act of 2008. This means individuals 70 ½ and older can contact their IRA plan administrator and request a charitable deduction from their account to the charity of their choice.

The direct transfer can be for any amount up to $100,000; married individuals can give up to $100,000 per person. The amount you donate will not be included in your taxable income and can count toward the minimum required distribution for the year. This provision expires on December 31, 2011.

Click on these links for: a list of Frequently Asked Questions and a sample request letter that you can personalize and send to your IRA plan administrator.

For more information, please contact Eileen Belokin at 630-909-7390.