IRA Charitable Rollover Option Available through December 31, 2011

Many donors may be interested in a special tax advantage associated with their IRA.  Through December 31, 2011, individuals aged 70½ or older may direct up to $100,000 from their traditional IRA to charitable organizations each year, and exclude the amount distributed from their gross income.   This is known as a Charitable IRA Rollover.   The provision benefits donors who itemize deductions and whose charitable contributions are reduced by the percentage of income limitations.

The law does not allow for the distributions to be made to a donor advised fund, but the Waco Foundation can receive IRA Rollover Donations from any donor and will direct them to an agency endowment at the Waco Foundation or distribute them directly to a charity.  Donors interested in making such contributions can use the “Designated Gift Request for Qualified Charitable IRA Distributions (IRA Charitable Rollovers) and other Designated Gifts” form available on the Resource Center Page of our website.

For questions about your IRA Rollover, contact Leslie Mitchell, Director of Finance at 254-754-3404 or via email. 

For additional information please read the Council on Foundations article entitled "IRA Charitable Rollover."