CHARITABLE IRA ROLLOVER

Important Note: Starting with tax year 2006, the Pension Protection Act of 2006 permitted certain IRA owners to avoid income tax and satisfy some portion of their required minimum distributions by having funds transferred directly from their IRA to charity in the form of a “qualified charitable distribution” (commonly known as an IRA Charitable Rollover). This provision expired at the end of 2009, but was retroactively revived through 2011 by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. It once again expired at the end of 2011, and Congress has recently renewed this tax benefit in the American Taxpayer Relief Act of 2012, through 2013, and to include the 2012 tax year. Please consult your tax attorney or financial advisor for advice.

Charitable IRA Rollover - Instructions (2012 and 2013 tax years)

The American Taxpayer Relief Act of 2012, passed by Congress on January 1, 2013, renews special incentives to make charitable gifts to organizations like FSS. If you are 70 ½ years of age or older, you can make tax-free charitable gifts from your Individual Retirement Account through the end of 2013. As with previous IRA charitable rollover legislation, contributions need to be made directly from your IRA or Roth IRA administrator to FSS. The transferred amount counts toward your required minimum distribution and is excluded from your taxable income. You may choose to make charitable distributions from your IRA in any amount up to $100,000. A couple with separate IRAs can each make gifts up to $100,000.

If you qualify, with a traditional or a Roth IRA, you can transfer your contribution directly from your IRA administrator to the Foundation for Shamanic Studies (FSS). The transferred amount is then excluded from your taxable income. You may choose to make charitable distributions from your IRA in any amount up to $100,000. A couple with separate IRAs can each make gifts up to $100,000.

Because this legislation was enacted after the end of 2012, Congress also provided two ways you can make this type of gift and have it count for 2012:

  • You can make an IRA transfer by January 31, 2013, and choose to have it count as a 2012 charitable gift. The gift will need to come directly from the administrator of your IRA plan.
  • If you took a distribution from your IRA in December, 2012, you can send FSS a check by January 31, 2013 and elect on your tax return to have the distribution count as a 2012 IRA rollover gift.

FSS has two sample letters you are welcome to use for your gift:

  • The first is a letter you can send to the company managing your IRA, giving instructions on how to make the distribution directly to FSS. Download Word doc.
  • The second is a letter you can use to let FSS know your gift is on its way so we can properly acknowledge it. Download Word doc.

For more information, please contact Susan Mokelke, Executive Director, at (415) 897-6416 or info@shamanism.org.

Now is the time to support your own interest in shamanism
as well as the work of The Foundation.

RETURN TO DONATIONS PAGE

The Foundation is a 501(c)(3) tax-exempt public charitable organization,
tax ID: 06-1131090.

The material presented on this web site is not offered as legal or tax advice. Please seek the counsel of your tax advisor, attorney and/or financial planner to review tax calculations to ensure that a contemplated gift is appropriate for your situation.