Charitable IRA Rollover
IRA Charitable Rollover Extension is Back!
A special opportunity to give to Lynchburg College through your IRA has been extended through the end of 2011.
Thanks to this provision, if you are 70 ½ years of age or older, you can distribute any amount, up to $100,000, from your IRA to Lynchburg College now through December 31, 2011. This amount will count toward your required minimum distribution (RMD) for the year and it will not be treated as taxable income.
Here are the details:
1. 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. Also, IRA rollover gifts may not fund a charitable trust or gift annuity.
2. The amount rolled over from your IRA will be excluded from your gross income.
3. Your IRA rollover will count toward your minimum distribution requirement.
4. There is no federal income tax deduction for the IRA rollover gift.
5. Your gift must be sent from the IRA directly to Lynchburg College to qualify.
The IRA rollover provision is effective now through December 31, 2011 so there is still plenty of time to take advantage of this benefit!
If you are interested in supporting Lynchburg College in this way, please contact your IRA custodian for the forms necessary to make a gift to the College. Instruct your custodian to make your gift payable to Lynchburg College, Tax ID number 54-0505922, and have it mailed to Lynchburg College Advancement Office, 1501 Lakeside Drive, Lynchburg, VA 24501.
Please be sure to let us know about your gift by sending us written instructions on how you would like us to use your gift. You may also contact Gene Frantz, Vice President for Planned Giving, at 434.544.8294 or Frantz@lynchburg.edu with your gift designation or for more information.
Thank you for your support of Lynchburg College!
