New legislation allows anyone age 70½ or older to make tax-free IRA Rollover gifts of up to $100,000 per person from your qualified IRA or Roth IRA directly to the Chi Psi Educational Trust, Inc.
The law retroactively extends the Charitable IRA Rollover provision for a limited time, from January 1, 2010 through December 31, 2011. During this limited time, distributions will not be reported as income to you and no tax will be due on the withdrawal. And gifts made now through January 31, 2011 will be treated as having been made in 2010 and may satisfy your minimum distribution requirement for 2010 or 2011. Please note that no additional charitable deduction or donor benefits are permitted for these gifts.
To find out whether the Charitable IRA Rollover Law can benefit you, please contact your personal financial advisor. To complete a Charitable IRA Rollover gift to the CPET simply contact your IRA administrator or call Sam Bessey on 615-736-2520.