Extended thru 2011
Thanks to the IRA Charitable Rollover Extension, you may make a gift to The Greater Lynchburg Community Trust from your IRA through the end of 2011. If you are 70 1/2 years of age or older, you may contribute any amount, up to $100,000, from your IRA to The Community Trust and it will count toward your required minimum distribution (RMD) for the year and will not be treated as taxable income.
The rules are as follows:
- Your IRA rollover gifts must be made outright to qualified charities from a traditional IRA. Gifts to donor advised funds, private foundations, and supporting organizations are not eligible and may not fund a charitable trust or gift annuity.
- The amount rolled over from your IRA will be excluded from your gross income.
- Your IRA rollover will count toward your minimum distribution requirement.
- There is no federal income tax deduction for the IRA rollover gift.
- Your gift must be sent from the IRA directly to The Greater Lynchburg Community Trust.
Making an IRA Rollover gift is simple and can be accomplised by following these steps:
- Contact your IRA custodian for the forms necessary to make your gift to The Greater Lynchburg Community Trust.
- Instruct your custodian to make your gift payable to The Greater Lynchburg Community Trust, Tax ID 54-6112680.
- Have your gift mailed to Greater Lynchburg Community Trust, 101 Paulette Circle, Suite B, Lynchburg, VA 24502.
- Let us know about your gift by sending us written instructions on how you would like the gift to be used.
If you have further questions, please contact Stuart Fauber at 434-845-6500 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
