Gifts for Today

IRA Rollovers

Under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act recently signed into law, for 2010 and 2011, the owner of a traditional or Roth IRA may instruct the custodian of their IRA to distribute directly to a public charity up to $100,000. This distribution will not be included as taxable income to the donor and it can count toward the IRA owner’s mandatory withdrawal amount.

Here are the basics:

• Donors must be 70 & a half years old on the date of the gift
   
• Funds must be transferred directly to World Concern from an IRA or Roth IRA
   
• Up to $100,000 per donor may be contributed in 2010 and 2011
   
• The donor recognizes no income on the transfer but cannot claim an income tax deduction for the gift.