If you are required to take annual distributions from your IRA, you may be able to contribute that distribution directly to MAZON and receive a tax benefit for doing so. There are a number of requirements, including:
- The gift may be any amount, up to $100,000, which would be otherwise taxable if distributed directly to you.
- The gift must be an outright gift, not a planned or deferred gift.
- The gift must be from your traditional or Roth IRA, not another type of pension plan.
- Your IRA trustee or custodian must distribute the funds directly to MAZON or any other qualifying public charity.
- You must be at least 70.5 years old.
You have until January 31, 2011 to complete the transfer for tax year 2010. You will have the same option for tax year 2011 as well.
To find out whether this extended legislation can benefit you, please contact your financial advisor and ask about the extension of the IRA Charitable Rollover under Section 725 of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (H.R. 4835).