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IRA Charity Rollover is Extended for 2011

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IRA Charity Rollover is Extended for 2011
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IRA Charity Rollover is Extended for 2011

IMPORTANT ALERT FOR OUR SPECIAL FRIENDS AND DONORS AGE 70 ½+

MAKE A TAX-FREE GIFT FROM YOUR IRA IN 2011      

The Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 has extended the IRA Charity Rollover for 2011. There are unique provisions that enable certain individuals to make tax-advantaged charitable gifts from their IRAs  for 2011. 

 Until the enactment of this law, all withdrawals from an IRA, even if used for charitable contributions, were subject to income tax at ordinary income rates. While a charitable gift from your IRA would be deductible (subject to certain limitations), there was often a tax cost in making the gift.

The new law provides that if: 

  • · You are over the age of 70 ½, and
  • · The charitable contribution is made directly from your IRA, and
  • · The gift does not exceed $100,000 in 2011, and
  • · You receive no economic benefit from the charity in exchange for the gift

 Then….You will be able to distribute these IRA funds to charity without paying any income tax on withdrawals this year or next.

 If you are required to take mandatory minimum distributions (MMD) from your IRA in  2011, you can contribute up to $100,000 of the MMD directly from your IRA to Fund for the Aged, Inc., to support the programs and services of Jewish Home Lifecare and pay no income tax on the withdrawals and distributions.

 We can show you how.

 Please contact: Clara Nyman, CFRE, Director of Development, for more information at

(212)870-4938 or e-mail cnyman@jewishhome.org.