IRA Rollover Passes for 2010 and 2011

The Charitable IRA Rollover is back through December 31, 2011.

It is not uncommon for a large portion of your wealth to be concentrated in tax-deferred retirement accounts such as IRA's. Because of their tax-deferred nature, the tax consequences can be significant, and mistakes quite costly. One attractive option is to consider including your IRA in your charitable giving decisions. One way to satisfy your charitable giving and avoid taxes is by transferring your qualified retirement account(s) directly to your favorite charity(s).

The Charitable IRA Rollover is a gift plan that enables individuals to make tax-free transfers from IRA and Roth accounts directly to North Heights Lutheran Church.

The key points of this extended law are the following:

• You must be age 70-1/2 or older on the date of your contribution.
• Transfers must be made directly from your IRA plan administrator to North Heights.
• You may give up to $100,000 this calendar year.
• Your contribution to North Heights can satisfy your RMD (Required Minimum Distribution).
• Please note that because no tax is paid, a charitable tax deduction is not available.

Contact Barb Carlson or 651-797-7910 or Marcus Haug or 651-797-7978 to receive more information.

Click here to download the IRA Rollover form, complete, and send to your IRA custodian.