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An Important Gift Opportunity for Donors Age 70½ or Older
Donors who are age 70½ or older can make gifts to EARTH University Foundation and other charities directly from their IRAs without including the IRA withdrawal in their taxable income. This provision, available now through December 31, 2011, was passed into law as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
The legislation extends for two years (through 2011) the law to allow donors who are age 70½ or older to make tax-free gifts to EARTH University Foundation and other charities directly from their IRAs. The legislation allows donors to make charitable transfers during January of 2011 and treat them as made during 2010.
Gifts may count toward a donor's required minimum distribution for the tax year in which the gift is made. Donors who have already taken their required minimum distributions for tax year 2010 may still transfer up to $100,000 more for tax year 2010 tax-free.
IRA gifts under the new law are most appropriate for donors who:
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Have a taxable estate and wish to avoid the "double taxation" of inherited IRAs.
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Do not itemize their deductions on their tax returns.
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Are subject to the Alternative Minimum Tax, or whose tax deductions or exemptions are phased out because of high income.
More information
EARTH University Foundation provides the following downloadable PDF documents for more information and to help you decide whether this type of gift is right for you:
If your IRA Administrator requires evidence of the Foundation's IRC Section 501(c)(3) status to process your IRA gift, please download the IRS Determination Letter. EARTH University Foundation's tax ID number is: 38-2920639.
If you have questions, please call Liliana Salas-Grip, Director of Development, at 404-995-1243 or by email lsgrip@earth-usa.org.
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