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IRA Rollover

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IRAIRA Rollover Information for 2011

In mid-December 2010, President Obama signed into law The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This bill restores the IRA Charitable Rollover for 2010 and permits its use in all of 2011. The act is retroactive to January 1, 2010, so donors who previously made 2010 IRA rollovers will qualify.

The principal rules for direct transfers from an IRA to a qualified public charity are that the IRA owner must be 70½ or older and that the transfer is for no more than $100,000 each year. A 2010 transfer qualifies for the required minimum distribution. It must be to a public charity either outright or for a specific purpose, but may not be to a donor advised fund or supporting organization. The transfer is made directly from a trustee to the charitable organization. GiftLaw Pro Chapter 4.6.8 covers the specifics of the IRA Charitable Rollover.

For more information about an IRA Charitable Gift to The Salvation Army Central Virginia, please contact Kim Wentz at (804) 400-5992. 

 


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