UKIAH – Many IRA owners have an opportunity to give a gift that could benefit local community college students while realizing tax breaks for tmselves for the year 2010.

Under a provision of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, gifts to charitable organizations during the month of January 2011 may qualify as 2010 tax savings for certain individuals.

The act allows for a charitable distribution made from an Individual Retirement Account (IRA) in January 2011 to be declared as a 2010 gift.

Individuals thinking about distributions from their IRAs in time to qualify for the tax break may want to consider making tax-free donations to the Mendocino College Foundation, says Katie Wojcieszak, executive director of the Foundation. Contributions will fulfill all or part of the IRA requirement.

“The IRA charitable gift provision under the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is a unique opportunity for individuals to take advantage of reducing their taxable income while supporting their favorite charities,” said Wojcieszak. “We encourage individuals to contact their financial advisors quickly to arrange the transfer of funds before the end of January.

“It’s a great opportunity to give to the College Foundation or any charity,” she added. “The Foundation would be very appreciative of such a gift.”

Monetary gifts help the foundation in its efforts to support Mendocino College students and programs. The foundation provides student scholarships, supports staff development at the college district’s campuses in Mendocino and Lake counties, funds improvements to educational programs such as nursing, culinary arts and automotive, and works to cultivate additional backing for the College.

Originally established as a provision of the Pension Protection Act of 2006, an IRA charitable distribution allows an individual at age 70 ½ or older to withdraw up to $100,000 from an IRA and donate it to a qualified nonprofit charity, school, or organization.

The allowance was extended in 2008 as a bonus of the Emergency Economic Stabilization Act of 2008.

The donation will reduce the individual’s taxable income for the year and must be done as a direct transfer from the IRA to the charity, either by the individual’s financial advisor or by working with the IRA custodian.

Wojcieszak suggests consulting personal, legal and financial advisors to obtain additional details before making a gift.

For more information about contributing to the Mendocino College Foundation, call the foundation office at 707-467-1018 or email This email address is being protected from spambots. You need JavaScript enabled to view it..