IRA Rollover Provision
Did you know that you can now donate up to $100,000 from your IRA to charity without incurring federal income tax or early withdrawal penalties?
In December 2010, the government signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which provides a two-year extension of the popular IRA charitable rollover provision.
For a limited time, this legislation allows individuals who are at least 70 ½ years old to make outright charitable gifts – up to $100,000 per person – from their traditional or Roth IRAs, federal income tax- free.
There are other ways to contribute that may provide tax benefits for you as well:
- Donor Advised Fund – Easy to set-up and one of the most tax-advantageous ways to give. You can direct that a donation from the fund be made to Marie Wilkinson Food Pantry whenever you wish.
- Appreciated Securities – Stocks and mutual funds can be donated directly to Marie Wilkinson Food Pantry. Your donation and tax deduction is based on the market value of the security and you avoid paying tax on any appreciated value.
As always, please consult your tax advisor.
Please let us know if you plan to contribute in one of these ways. Should you wish to contribute appreciated securities, we’ll supply the account and DTC numbers your advisor will need.
