Latest News – December 17, 2010

IRA Charitable Rollovers Reinstated for 2011

Congress passed legislation last year that included a provision that restores the ability of persons 70 ½ and older to make direct gifts to qualified charities from an IRA account, up to $100,000 in a tax year.

“A lot of our donors like this opportunity because the charitable gift can substitute for the account holder’s required minimum distribution and won’t be taxed,” noted Brian Hammel, President at Northridge Hospital Foundation.

As usual, a letter of instruction to one’s IRA custodian is all that is required, and the Foundation makes a model letter available,” said Brian Hammel. Gifts must be made by December 31, 2011 to qualify for the 2011 tax year.

To receive a copy, contact Brian Hammel at 818-885-5341, ext.1 or at brian.hammel@chw.edu.