IRA Charitable Rollover: more options for donors
On December 16th, 2010 the House of Representatives voted and passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. President Obama signed this bill into law on Friday, December 17th.
Article from USA Today outlining the bill: http://www.usatoday.com/news/washington/2010-12-16-taximpact_N.htm
One important component of this bill that will be helpful is the reinstatement of the IRA Charitable Rollover.
The IRA Charitable Rollover allows individuals age 70Â½ and older to donate up to 0,000 per year to charity directly from their individual retirement account. The gift is not tax-deductible, but the withdrawal from the IRA is not included in the donor’s taxable income for the year.
Given the late timing of the passage of this bill, individuals have until January 31, 2011 to make a gift from their IRA and have it count toward their 2010 required minimum distribution.
The IRA Charitable Rollover is available until December 31, 2011. Additional information on this giving option can be found at Purdue University’s Planned Giving website: http://www.purdue.edu/giving/planned_giving/roll_over_provision.html
Should you have any questions, please contact Tim Bobillo (firstname.lastname@example.org), Director of Donor Relations or any member of the Planned Giving Office.