IRA Charitable Rollover Reinstated
On the afternoon of Friday, December 17, 2010, President Obama signed into law The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The law restores the IRA Charitable Rollover, which has not been available to taxpayers in the past two years.
Essentially the provision retroactively extends the IRA Charitable Rollover from January 1, 2010 through December 31, 2011. Taxpayers who are at least 70 1/2 years old and make IRA Charitable Rollover gifts from December 2010 through January 31, 2011 would also be eligible to count these gifts toward the 2010 tax year ($100,000 limit applies).
Please keep in mind that a gift from your IRA must be sent from the bank or broker that holds your IRA and must be sent directly to Albion College. If you take a distribution from your fund and send a personal check to Albion, you will be taxed on the IRA distribution.