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Giving from Your IRA: A Tax-Saving Opportunity

On December 17, 2010, President Obama signed into law an extension of the IRA Charitable Rollover. This legislation allows you to make a gift to LBFE from your individual retirement accounts (IRAs) without tax complications. While you will not pay income tax on the gift amount, you also cannot claim a charitable deduction.

You may contribute funds this way if:

• You are age 70-1/2 or older
• Your gifts do not total more than $100,000
• You complete the gifts on or before December 31, 2011
• You transfer funds directly from an IRA or Rollover IRA

Simply contact your IRA custodian to transfer your desired gift amount. LBFE recommends that you consult your tax professional if you are contemplating gifts under this legislation.