Charitable IRA Rollover Extended through 2011
The charitable IRA Rollover extension will be in effect for 2010 and 2011. Rollovers under the provision were signed into law by President Obama on December 17, 2010.
This legislation allows you (if you are 70 ½ or older) to make cash gifts through a "qualified charitable distribution" or "charitable IRA rollover" totaling up to $100,000 a year from your traditional or Roth IRA to Emmanuel College without incurring federal income tax on the withdrawal.
Benefits to You:
- It’s an easy way to support our Mission and Vision with a cash gift and the amount rolled over to Emmanuel College—up to $100,000—will not be included in your federal taxable income.
- You can give up to a $100,000 withdrawal tax-free to Emmanuel College.
- If your charitable giving already equals 50% of your adjusted gross income so you would not benefit from an income tax charitable deduction for additional gifts, or if you are subject to the 2% rule that reduces your itemized deductions, the IRA Rollover Provision will enable you to make your gift income-tax free.
Giving Guidelines:
- To qualify for this giving, you must be age 70 ½ or older.
- You may give up to $100,000 annually in tax years 2010 and 2011 regardless of your income.
- All distributions must be made from your IRA directly to Emmanuel College.
- Do not withdraw the cash yourself and donate it or you will have to pay tax on the withdrawal. There are strict rules on how to make your Rollover gift. Contact your retirement planner for directions.
- Remember: You are not required to pay federal income tax on the cash withdrawn for your gift and given to Emmanuel College.
If you have any questions or need assistance, please contact Maryanne Rooney-Hegan, Associate Vice President of Major and Planned Gifts, at (617) 975-9386, or via e-mail at roonema@emmanuel.edu.
This information does not constitute legal or financial advice and is provided only for illustrative purposes. Please consult with your tax advisor.
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