Charitable IRA Rollover extended for 2010 and 2011

by Barbara Lewis 20. January 2011 09:59

If you would like to support a charitable organization such as Lutheran Social Services of Michigan, and you are age 70½ or older, you may be able to make a tax-favorable gift for 2010 from your IRA if you complete the gift by January 31, 2011. The charitable IRA rollover allows individuals aged 70½ and older to make tax-free gifts of up to $100,000 now to qualified charitable organizations such as Lutheran Social Services, using funds transferred directly from an IRA. If you act by January 31, 2011, your gift can be used as a tax benefit for your 2011 taxes. You may make a second contribution from your IRA for 2011 any time before December 31, 2011.

Things to consider:
• This legislation is only for donors who are age 70½ or older.
• You will make a simple, one-step distribution from your IRA to Lutheran Social Services of Michigan.
• Charitable IRA distributions are limited to a total of $100,000 for 2010 and $100,000 for 2011.
• Your taxable income is not affected, because no taxes are due on the distribution.
• You can make an IRA gift for 2010 through January 31, 2011.
• You can receive this benefit even if you do not itemize your tax deductions.
• The transfer may count against your unsatisfied required minimum distribution.

Lutheran Social Services of Michigan recommends that anyone considering a gift seek advice from a financial or legal advisor to evaluate their personal circumstances, needs and wishes.

For more information about giving to Lutheran Social Services of Michigan, contact:
Jennifer Richard:  (248) 763 -7914 or
Doug Lachniet: (616) 44309761 or

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