Good News for IRA Charitable Rollovers
Some very exciting news came out of Washington on Friday Dec. 17, 2010. Congress passed and President Obama signed into law the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (H.R. 4853), which contains provisions for extending the IRA Charitable Rollover through 2011.
The new legislation is a great opportunity for community foundations and donors in Kansas, as it allows those age 70½ and older to transfer up to $100,000 from an individual retirement accounts (IRAs) to charity—tax free. Because this legislation comes so close to the end of 2010, qualified charitable contributions made from IRAs through January 31, 2011 can be applied for 2010 tax purposes.
The Council on Foundations worked feverishly to update the Charitable IRA Portfolio to reflect the extension of this valuable legislation and is announcing the revised tools, today. Take a few moments to download the updated portfolio at CFMarketplace.org and learn more about this great opportunity.