The new tax law, signed by President Obama on December 17, 2010, revives the tax break for people who transfer required minimum IRA distributions directly to charitable organizations like the United Church Board for Ministerial Assistance.
Effective for both 2010 and 2011 tax years, the law allows anyone 70½ years or older to make an outright charitable gift of up to $100,000 directly from their IRA to a qualified charity without paying income tax on the distribution.
This legislation allows for gifts to be made retroactively for 2010 if completed by January 31, 2011 and for 2011 if completed by December 31, 2011.
Check with your tax or legal advisors about the best ways to take advantage of this giving opportunity.
For more information about planned giving and the IRA Charitable Rollover, please contact us at 1.800.642.6543, ext. 2718.