It is still possible to make charitable contributions from your IRA, but the opportunity is set to expire December 31, 2011 unless the government acts to extend it.
The provision originally expired at the beginning of 2010, but was reinstated as part of the 2010 Tax Act.
Here are the details that you need to share with those who are in the qualifying age bracket:
- The provision allows someone over 70 1/2 years of age to donate up to $100,000 of their IRA assets to a charitable organization.
- The donor’s contribution can satisfy the required minimum distribution for the year and does not have to be counted as taxable income.
- Those who qualify to make this gift need to seek counsel from their tax attorney or licensed financial planner for the details.
You would be wise to make those in your church who meet the age qualification aware of this opportunity to support your ministry in this way.