IRA Charitable Giving

Make an Impact With Your IRA Charitable Gift Before December 31, 2011!

The recent “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” continues favorable income tax rates, deductions, credits and other rules from past years. It also preserves a variety of provisions that enhance and encourage the support of Mount Carmel High School, including IRA gift opportunities.

The IRA Gift Opportunity act extended through 2011 the law enabling persons over age 70 1/2 to make direct gifts from their IRAs to the School or other qualified organizations, up to a maximum of $100,000. Gifts count toward minimum IRA distributions required after age 70 1/2 and thus can reduce donors’ taxable income, without the need to claim an itemized deduction.

IRA Gift Rulebook

Here are some important rules to keep in mind if you are considering a 2011 IRA gift to Mount Carmel High School:

  • Only the IRA custodian can transfer gift amounts to a qualified organization. If IRA owners withdraw funds and then contribute them to charity separately, amounts withdrawn will be taxable to the donor.
  • IRA donors need receipts of the same kind provided for other types of charitable contributions. It’s important that donors coordinate IRA contributions with our office to ensure that appropriate documentation is provided.
  • Owners of “inherited” IRAs can make gifts (if they are over 70½), but other retirement plans, such as pensions, 401(k) plans and others are not eligible.
  • IRA gifts cannot be made to charitable remainder trusts or for charitable gift annuities.


For more information on IRA giving to Mount Carmel High School, call Michael Holland '98, Director of Development and Planned Giving at  773.324.1020 ext. 285 or