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Guidelines for Making Tax-Free Gifts to Williams from your IRA in 2010 & 2011

Summary: Guidelines for Making Tax-Free Gifts
to Williams from your IRA in 2010 & 2011
Who can take advantage of the IRA qualified charitable distribution provision?
Anyone aged 70 and older who owns an IRA
What are the advantages of making a charitable distribution from my IRA?
You pay no federal income tax on your charitable distribution
You do not need to itemize deductions on your federal taxes to save taxes on your gift
Your Adjusted Gross Income is not increased by IRA distributions; a lower AGI may
help you qualify for a number of federal tax deductions and credits
Your gift counts towards your Required Minimum Distribution
The transfer is quick and direct from your IRA to Williams with minimal paperwork
Using a Roth IRA eliminates many of the tax advantages of the charitable distribution if you don't
have a traditional IRA, it may be better to withdraw funds directly from your Roth account, make a gift
and take a charitable deduction. Consult your financial or tax advisor for advice.
Are there any restrictions on the gifts I can make from my IRA?
You can give up to $100,000/calendar year in 2010 and again in 2011; gifts made up until
January 31, 2011 can be counted as if they were made in 2010
Gift(s) must be made to public charities
Because your distribution is not taxed, you cannot take a charitable deduction
Distributions must be made directly from your IRA to the charity. Don't withdraw the


Source: Aalberts, Daniel P. - Department of Physics, Williams College


Collections: Physics