The Charitable IRA Rollover Is Back

GI Generosity – The Tax Clock is Ticking

Dec. 31, 2011 is the last day, under current rules, on which donors aged 70½ or older can take advantage of the tax-free transfer of IRA funds to the AGA Research Foundation and other charities. “This is great news for those who have wanted to make a charitable gift during their lifetimes from retirement assets,” noted Sidney Cohen, MD, AGAF, former foundation chair.

  • IRA owners are not allowed to keep funds in an IRA indefinitely. In the year in which the IRA owner attains the age of 70½, they are required to take a minimum distribution from the fund. This distribution is included in the owner’s income for the year and taxed accordingly.For the rest of 2011, IRA owners may direct that a sum up to $100,000 be distributed from their IRA account directly to a qualified charity, such as the AGA Research Foundation, and have it count toward their minimum required IRA distribution for the year.
  • Such IRA rollovers to charity this year — unlike ordinary IRA distributions — will not incur an income tax liability.
  •  “I hope everyone who qualifies will earnestly consider taking advantage of this law now to benefit our own foundation,” said Dr. Cohen. “It is a wonderful way to give back to the profession that has been very good to us.”
  • You will make an immediate impact on the AGA Research Foundation, allowing you to witness the benefits of your generosity. During the last three decades, over 600 outstanding researchers have benefitted from grants totaling more than $40 million. Prior awardees are included among leading members of the profession today, training even larger numbers of researchers who will lead in the future.
  •  Donors who pledge current gifts of $25,000 or more to the foundation (or bequests and other planned gifts of $50,000 or more) will be invited to join the AGA Legacy Society. The Legacy Society recognizes the foundation’s most generous individual donors.

We Can Help

Don't let this tax-wise opportunity to give today pass you by. Learn more about how you can get started with a tax free gift from your IRA. If you have questions, need more information or would like to make a gift, please contact Rick Podgorski at 760-635-0451 or via e-mail. Your tax or estate planning attorney will also be a great help to you.

To receive additional information about tax-free IRA Rollovers to charity and about other estate planning and planned giving subjects or to sign up for a free e-Brochure, visit our charitable gift planning pages.