716.684.8400

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

 

 

 

 

An affiliate of the
Niagara Lutheran
Health System

716.684.8400

5959 Broadway
Lancaster, NY 14086

Niagara Lutheran Health Foundation

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