IRA rollover extended
The House Ways and Means Committee has extended the $700 billion Financial Rescue Package (H.R. 1424) signed into law by President Bush in 2008, which includes a one-year extension of the IRA Rollover provision.
The provision will be made retroactive to Jan. 1, 2010, and will apply to gifts made from that date through Dec. 31, 2010.
The provision exempts from taxable income any funds transferred (“rolled over”) from an Individual Retirement Account (IRA) to a charitable organization. The following limitations apply:
- The donor must be age 70½ or older.
- The cap on annual IRA rollovers is $100,000.
- The contribution must be a direct gift to a charity (no planned gifts).
Learn more details concerning this opportunity.
