IRA Charitable Rollover Returns!
Posted on December 28, 2010
Foundation and nonprofit leaders in Michigan and throughout the nation applaud President Obama’s signing of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, which includes a reinstatement of the popular IRA Charitable Rollover and other charitable giving incentives through the end of 2011.
The IRA Charitable Rollover was first enacted in 2006 and expired on December 31, 2009. The provision allowed individuals aged 70½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) to public charities without having to count the distributions as taxable income.
Last week’s vote means individuals can now make a gift from their IRA and still claim it as a deduction for 2010, even if they make the contribution by the end of January 2011. Since the provision was first enacted, Americans have made millions of dollars in new contributions to nonprofits - including social service programs, religious organizations, arts and cultural institutions, schools and health care providers - that benefit people every day.
Lynn Alexander, vice president at the Community Foundation of St. Clair County called the reinstatement, “wonderful news for our donors and most importantly for the causes they care about.”
The gift does not have to be the maximum amount of $100,000 and the Community Foundation is eager to work with donors on gifts of any size from their IRAs.
For more information contact the Community Foundation at 810.984.4761.
