IRA Rollover extended to Dec. 31, 2011

In December 2010 the U.S. Congress extended the IRA Rollover to December 31, 2011.  This act allows donors 70½ or older to make gifts up to $100,000 from their Traditional or Roth IRA directly to a charity without any federal tax implications this year. This law does not apply to a 401(k), 403(b) or other qualified pension accounts.

The donor does not have to pay income tax on the withdrawal, nor does the donor receive a charitable tax deduction.  Furthermore, the donation does not count against the maximum charitable gifts allowed in any year.  The withdrawal to make a charitable gift can be used to satisfy the IRA required minimum distribution required by law.

Please note:  IRA plan administrators must make the check in the name of the charity but can send the check to the donor for delivery.  For a sample letter or for more information about how to use your IRA or other assets to make charitable gifts, call the Niagara Lutheran Health  Foundation at 716-886-4377.

The GreenFields resident



5959 Broadway
Lancaster, NY 14086

The Niagara Lutheran Health System does not discriminate in the admittance of residents or the hiring of employees relative to age, race, creed, color, national origin, sex, sexual orientation, sexual preference gender, gender identity, blindness, handicap, sponsor, marital status, or religion.

Niagara Lutheran Health Foundation

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