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Reinstated - Charitable IRA Rollover Provision

This Rollover Provision has been reinstated through 2009. The provision will be made retroactive to January 1, 2008 and will apply to gifts made from that date through December 31, 2009.

 
 

The Pension Protection Act of 2006 includes the charitable IRA Rollover provision. The rollover provision provides an exclusion from gross income distributions made to a qualified charity from a traditional individual retirement account (IRA). To qualify, the charitable distribution must be made to a tax-exempt organization qualified to accept deductible contributions.

The owner of the IRA may distribute up to $100,000 per year to a qualified charity without including the distribution in his/her adjusted gross income. A donor must be at least 70 1/2 years of age on or before the date of the donation, and may not take a separate charitable deduction for the rollover amount. The annual mandatory distribution may be included in the $100,000 limit for each year.

The Association does not offer legal or tax advice. For advice consult your attorney, accountant, or other professional advisor.

Email our Planned Giving Coordinator for more information.