Friday, December 17th, President Obama signed into law The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (H.R. 4853). The new law includes a reinstatement of IRA Charitable Rollover provisions for 2010 and 2011.
The law permits individuals aged 70½ and older to make tax-free, qualified charitable distributions from their IRAs of up to $100,000 per taxpayer per taxable year. Because the drafters recognized that it is very late in the year, individuals who choose to make qualified charitable distributions may do so any time during 2010 or during January of 2011. Congress determined that the time necessary to make these transfers should be extended for one additional month for the required 2010 distributions.
The attached summary of the rollover provisions, compiled by the Council on Foundations, provides additional detail about how and to which organizations distributions may be made.
