Now is your opportunity to make a positive impact on Camp Io-Dis-E-Ca’s financial heath by taking advantage of the charitable IRA legislation recently renewed for 2010 and 2011.
This charitable option allows donors aged 70-1/2 or older to move up to $100,000 per year from their IRA directly to an eligible charity without having to pay any additional income taxes on the money. It’s a great way to support the ongoing operational needs of the Camp, or to support the Capital Campaign!
The following limitations and restrictions apply:
– You must be age 70 1/2 or older as of date of distribution
– Qualifying gifts are limited to $100,000 per year
– You must transfer funds directly from your IRA account to the charity (please us the Charitable IRA Rollover Form)
– You cannot receive any goods or services in return for contribution
– Transfers can be designated for a field of interest
– IRA owners cannot take an income tax deduction for this transfer; however, the amount will not be realized as taxable income
Who is most likely to benefit?
– Those who are required to take minimum withdrawals, but who do not need additional income
– Those who wish to give more than the cash gift deductibility ceiling (50% AGI)
– Those whose major assets reside in the IRA and wish to make a charitable gift during their lifetime
– Those who intend to leave the balance of the IRA to charity at death
Why is this a winning scenario for donors?
– Make meaningful outright gifts to your favorite charities (like Camp Io-Dis-=E-Ca!)
– A qualifying gift counts toward your minimum required distribution for this year and substantially reduces your taxable income
– IRA transfers can be used to fulfill documented pledges
– Reduces assets in your IRA account that can be highly taxed upon death
– Seeing your gifts impact the Camp a charities' mission and results now!
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