RMDs FOR THOSE OF A CERTAIN AGE

It has been extended for 2012 & 2013 by Congress
2012 contributions can be done through Jan 2013.


The tax law allowing tax free distributions from IRA accounts for charitable contributions was extended for tax year 2011.  To qualify you must be at least seventy and a half years old.  If you’re interested, ask your IRA trustee (the institution that holds your IRA) for a copy of their IRA Required Minimum Distribution (RMD) Request form.  When you fill it out note on the form that this will be a One-Time distribution and that it is a charitable tax exempt distribution.  It must be a direct transfer from the IRA to your selected qualified charity, i.e., the check must be made out to the charity (Cottonwood Presbyterian Church, for example) and sent directly to that address marked for the ATTN: of an individual (Shari Bennett, for example).  And you must include your charity’s IRS Tax Number on the RMD request form.
Every IRA trustee institution has their own RMD request form and they’re not the same format.  Few, if any, have adapted their form for this temporary tax break.  Therefore, you should discuss with them where and how to include on the form the information mentioned above.  If your IRA trustee is cooperative and helpful this can be an easy way to pay your church pledge for the year, or donate to any qualified charity, and at the same time make your RMD for 2011 without having to pay income tax on it.  If you have questions you may talk with Dave Lamb at 801-277-9666.