IRA Charitable Rollover
Welcome news! IRA Charitable Rollovers have been renewed for 2011.
The IRA Charitable Rollover and other critical giving incentives have been reinstated through 2011 as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (PL 111-312).
The IRA Charitable Rollover was first enacted in 2006 as part of the Pension Protection Act. The provision allows individuals aged 70½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) to public charities without having to count the distributions as taxable income.
What this means is that if you own an IRA and are over age 70½, you may transfer up to $100,000 directly from your IRA to Finlandia University (or other qualified charity), as long as you do not take/have not taken your 2011 required IRA distribution. Even if you have taken your required IRA distribution, you still may find the IRA charitable rollover a very convenient way to make a year-end gift.
An easy way to start an
IRA Charitable Rollover ...
... is to send an e-mail to your IRA Custodian, which is usually a financial services company that manages your IRA. Please check their website for the correct e-mail address. Here is a sample e-mail. If you use this e-mail, please enter your account number and the amount you wish to transfer in the appropriate blanks.
Dear IRA Custodian,
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, effective from Jan. 1, 2010, to Dec. 31, 2011, permits a rollover directly from an IRA to a qualified public charity. As the owner of IRA account #_______________ that is in the custody of your organization, I request that you transfer from that account the sum of $______________ to Finlandia University, 601 Quincy St., Hancock, MI 49963. The Treasury Tax ID Number for Finlandia University is 38-1359570.
It is my intention to make a Qualified Charitable Distribution (QCD) to Finlandia University from my IRA, which may fulfill part or all of my IRA required minimum distribution for this year.
This letter is sufficient authorization for you to make this QCD gift. However, if you require any further documents, please promptly e-mail those to me.
Request more Information
If you have questions about ways to give to Finlandia University, please contact EVP for Advancement Duane Aho at firstname.lastname@example.org or 906-487-7349.