IRA Charitable Rollover Reinstated for 2010-2011

The IRA Charitable Rollover and other critical giving incentives have been reinstated through 2011.  On December 17, 2010 the President signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Contributions for the 2010 tax year can be made retroactively through January 2011.  .

The IRA Rollover was first enacted in 2006 as part of the Pension Protection Act.  The provision allows 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. 

Since the provision was first enacted, Americans have made millions of dollars of new contributions to nonprofits -- such as social service programs, religious organizations, arts and cultural institutions, schools, and health care providers -- that benefit people every day.

If you have any questions, please contact the Community Foundation or your Financial Advisor.