Happy New Year! We have some great news! Congress has extended the IRA charitable rollover provisions for 2010 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 the Orthodox Christian Mission Center. This amount will count toward your required minimum distribution for the year and it will not be treated as taxable income. You can distribute any amount up to $100,000 each year in 2010 and 2011. If you have not already taken your 2010 required minimum distribution (RMD), you can do so by taking up to $100,000 and making an IRA rollover contribution to the Orthodox Christian Mission Center now through January 31, 2011. 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. 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. The IRA rollover provision is effective now through December 31, 2011 so there is still plenty of time for this provision to benefit you for 2010.If you are interested in supporting OCMC in this way, please be sure to include written instructions on how you would like us to allocate your gift. You may also call Amy Pierce at 904-829-5132 ext 160 or Kenny Kidd at ext 161, or email email@example.com with your gift designation or for more information. Thank you for your prayers and support for our missionaries and all of the OCMC ministries. We wish you and your local parish a blessed New Year!
January 6, 2011
IRA Charitable Rollover Provisions Extended
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