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IRA charitable rollover

Last month, The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was signed into law. This bill restores the IRA charitable rollover for 2010 and permits its use in all of 2011.

If you own a traditional or Roth IRA and are over age 70½, you may transfer, tax-free, up to $100,000 directly from your IRA accounts to Monmouth College because MC is a qualified charity. You may not have taken your 2010 required IRA distribution and may reduce your income taxes with an IRA charitable rollover. Even if you have taken your required IRA distribution, you still may find the IRA charitable rollover a very convenient way to make a gift to your alma mater.

Points to keep in mind as you consider taking advantage of this very important tax benefit include:
  • Individuals who choose to make a qualified charitable distribution (QCD) rollover from their IRA trustee to a charity, may still make their 2010 charitable gift in January of 2011.
  • For your gift from your IRA to qualify for the special tax treatment, it must be distributed directly to Monmouth College rather than to you and then to the college.
  • An easy way to start an IRA charitable rollover is to send an e-mail to your IRA custodian. 
“It’s not too late to add to your upcoming class gift,” said Molly Ball, MC’s vice president for development and college relations.

For more information about how you can support Monmouth College with a gift from your IRA or other ways you can make meaningful contributions to your alma mater, please call 309-457-2323.