The IRA charitable rollover provision has been extended through 2011. It also gives individuals until January 31, 2011 to make a retroactive donation for 2010.
Here’s how it works:
- You must be 70½ or older.
- Choose how much you want to contribute, up to $100,000 per taxable year, per IRA account holder.
- Have your IRA custodian transfer the money directly to Gonzaga University
- You must complete your transfer by January 31, 2011 to have it qualify for the 2010 taxable year.
- Transfers for the 2011 taxable year must be complete by December 31, 2011.
- The amount you transfer is not counted as part of your taxable income, so there is no income tax deduction available.
For more information, call the Office of Planned Giving at (800) 388-0881 or email plannedgiving@gonzaga.edu. Also, visit the Planned Giving website.