Skip to content

IRA gift still may be great charitable choice in 2010

September 8, 2010

We’re still waiting, along with many charitable individuals over 70 1/2 years old, for national legislation to continue the option of giving IRA assets to charity.

This rollover option is an attractive one for people who don’t need to use their required IRA payout as part of their budget, but want to avoid paying tax by using the distribution for charity. This is a win-win for the charity and the older individual, who has been able to donate a maximum of $100,000 a year according to the legislation which expired in 2009.

Many experts believe this provision will win approval again before the end of 2010, but everyone is hoping for sooner rather than later for maximum benefit in year-end tax planning. It may make for a busy few weeks in late December, as your Community Foundation and other charities work to help donors make the direct transfer that is necessary to avoid unintended tax consequences.

Stay tuned and check out the recent Wall Street Journal article on the subject.

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: