Author Topic: Short term charitable contribution mechanism.  (Read 1452 times)

Offline CHF

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Short term charitable contribution mechanism.
« on: January 06, 2011, 06:51:26 PM »
First let me state, that if you are interested in doing this, consult your financial planner.  I am not offering financial advice, but information I came across from another charitable organization.  Here is the info for you to consider if it applies to you.  If so it seems you can make direct donations this way to the charity of your choice, including boats like Cavalla which have a 501c3 organization or the USSVI charitable foundation.

IRA Charitable Rollover – New Giving Opportunity
Tax-Free Charitable Gifts From IRA Accounts Re-authorized!
Important legislation which provides for tax-free charitable gifts direct from IRA accounts has been signed into law and is effective immediately!
On December 17, 2010, the President signed into law The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. This bill restores the IRA Charitable Rollover for 2010 and permits its use in all of 2011. The act is retroactive to January 1, 2010.
The principal rules for direct transfers from an IRA to a qualified public charity are:
•   The IRA owner must be 70½ or older
•   The transfer can be for up to $100,000
•   A 2010 transfer qualifies for the minimum distribution requirement
•   The transfer must be to a public charity either outright or for a specific purpose, and may not be to a donor-advised fund or supporting organization
•   The transfer must be made directly from a custodian or trustee to the charitable organization
Note: A very important potential 2010 benefit exists. Because Congress acted so late in the year, individuals can complete an IRA charitable rollover through January 31, 2011 and still count it as a 2010 IRA charitable rollover.