Retirement Assets – Become an IRA Donor!

As an alternative method for donating to a charity, certain taxpayers may transfer funds from their IRA to an eligible charitable organization. If you, as a taxpayer, think about making this type of donation, please read the followings:

  1. The IRA owner must be age 70 ½ or older.
  2. The donor must directly transfer the money tax-free to an eligible organization.
  3. The maximum amount that an IRA owner may transfer annually tax-free is $100,000 to an eligible organization.
  4. This option, created in 2006 and extended through 2009, is available to eligible IRA owners, regardless of whether they itemize their deductions.
  5. Distributions from employer-sponsored retirement plans, including SIMPLE IRAs and simplified employee pension plans – commonly referred to as SEP Plans – are not eligible.
  6. To qualify, the funds must be contributed directly by the IRA trustee to the eligible charity.
  7. Amounts transferred are not taxable and no deduction is available for the amount given to the charity unless non-deductible contributions are transferred.
  8. Not all charities are eligible. For example, donor-advised funds and supporting organizations are not eligible recipients.
  9. Transferred amounts are counted in determining whether the owner has met the IRA’s required minimum distribution rules. Where individuals have made nondeductible contributions to their traditional IRAs, a special rule treats transferred amounts as coming first from taxable funds, instead of proportionately from taxable and nontaxable funds, as would be the case with regular distributions.  If non-deductible contributions are transferred to an eligible organization, a charitable contribution deduction may be allowed if itemizing deductions.
  10. More information about qualified charitable distributions can be found in Publication 590, Individual Retirement Arrangements.

Note: According to IRS, an organization generally must give you a written statement if it receives a payment from you that is more than $75 and is partly a contribution and partly for goods or services. Keep the statement for your records.

You can access the IRS website at IRS.gov 24 hours a day, 7 days a week. Call the IRS with your tax questions at 1-800-829-1040

You can send your order for forms, instructions, and publications to the address below. You should receive a response within 10 days after your request is received.

Internal Revenue Service
1201 N. Mitsubishi Motorway
Bloomington, IL61705-6613

Romanian League in Defense of Animals, Inc (ROLDA USA)  is registered as a 501(c)(3) non-profit organization. Contributions to ROLDA are tax-deductible to the extent permitted by law.

ROLDA USA tax identification number is 32-0176929

For additional help, you can contact ROLDA USA representative, Mary by

Email: roldausa@gmail.com, Mobile: 410-570-9505

Wildcard SSL Certificates