On December 17, 2010, legislation was signed restoring the IRA Charitable Rollover for 2010 and permits its use in all of 2011.
If you own an IRA and are over age 70½, you may transfer up to $100,000 directly from your IRA to the Bay Area Ridge Trail Council because we are 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 year-end gift. If you do not itemize your tax deductions the IRA charitable option provides you with a tax benefit since the transfer is not taxable.
A very important potential 2010 benefit exists. Because Congress recognized that it is very late in the year, individuals who choose to make a charitable transfer from their IRA may make their 2010 charitable gift during December or in January of 2011.
An easy way to start an IRA Charitable Rollover is to send an e-mail or letter to your IRA Custodian. This is usually a financial services company that manages your IRA. Please contact Dena Justice at email@example.com or 415 561-2595, with any questions. See below for sample language and further information.
Use below for details regarding contacting your IRA custodian for transfer.:
Please check your custodian’s website for their correct e-mail address. Here is a sample e-mail message. If you use this e-mail, please enter your account number in the blank.
Dear IRA Custodian,
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, effective from Jan. 1, 2010 to Dec. 31, 2011, permits a rollover directly from an IRA to a qualified public charity. As the owner of IRA account #_________________ that is in the custody of your organization, I request that you transfer from that account the sum of $_________________ to the Bay Area Ridge Trail Council, 1007 General Kennedy Avenue, Suite 3, San Francisco, CA 94129-1405. The Treasury Tax ID Number for the Ridge Trail Council is 94-3148503.
It is my intention to make a Qualified Charitable Distribution (QCD) to the Bay Area Ridge Trail Council from my IRA, which may fulfill part or all of my IRA required minimum distribution for this year.
This letter is sufficient authorization for you to make this QCD gift. However, if you require any further documents, please promptly e-mail those to me.