The Seton Fund

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was signed into law Dec. 17, 2010. This allows you to make withdrawals - without penalties - and give to your favorite charities.

Here are the details:

If you own a traditional and/or Roth individual retirement accounts (IRA), you may direct that a total of $100,000 per taxable year be transferred directly to qualified charitable organizations through Dec. 31, 2011. You must be 70½ years of age or older. The amount transferred directly will not be included in the IRA owner’s gross income. No itemized charitable deduction can be claimed for the amount transferred.

The amount transferred may be used to satisfy the minimum distribution requirement for tax years 2010 and 2011.

The act also provides that the taxpayer can authorize a transfer in January 2011 and elect to have the transfer treated as made in 2010. This would be counted against the $100,000 transfer limitation for 2010 and treated as made in 2010 to satisfy the minimum distribution requirement for 2010.

If you make a gift from your IRA before the end of 2011, please alert the Seton Fund’s Planned Giving team so that your gift is processed as a transfer from an IRA. Contact Bryan Rubio at (512) 324-1990 or brubio@seton.org.