Tax-Free Gifts from your IRA

Give to Elmira College from your IRA without tax consequences through December 31, 2011.

The rest of the story: On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, reinstating the IRA Charitable Rollover for 2010 and 2011 for individuals who are 70 ½ and older.

The act allows individuals aged 70½ and older to give (or rollover) up to $100,000 tax free from your Individual Retirement Accounts (IRAs) to charitable organizations such as Elmira College through December 2011.

You may also count your gift toward fulfilling your required minimum distribution.

You may transfer up to another $100,000 by 12-31-11. The recent federal deficit deal did not make any changes in the tax deduction that donors receive for making charitable gifts. However, Congress is required to pass $1.5-trillion more in cuts by December 23 and could put charitable deductions, including extending the IRA rollover, on the table. Now is the time to act.

To make a gift from your IRA in 2011, use this letter.

Your gift to Elmira College makes a world of difference to students!