Can I still do a Charitable IRA Rollover in 2011?  Yes, if you hurry.  The Charitable IRA Rollover provision has been extended through the end of 2011.   However, there is no guarantee it will be an option in 2012.

 What is a Charitable IRA Rollover?  Individuals who are 70 1/2 or older are able to make transfers (up to $100,000) from their IRAs directly to public charities without reporting any taxable income.  The donation is initiated by contacting the custodian of your account.  The custodian will provide paperwork for you to complete.  Please note that it takes time for these transfers to process.  If you wait until Christmas, you will be too late.  Donations must be made directly to the Public Charity you wish to benefit.  That is, transfers cannot be made to a Donor Advised Fund or Private Foundation. 

 How much would I save by making charitable contributions directly from my IRA?  The Charitable IRA Rollover provision is especially attractive for taxpayers who are not able to itemize and/or for those who live in a State with no provision for a charitable deduction.  Of course you would need to contact your tax advisor to find how much you would benefit. 

 If you have questions, please call us.