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New Tax Law Extends IRA Charitable Rollovers

December  21, 2010

On the afternoon of December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The Act restores the IRA charitable rollover for 2010 and permits its use in all of 2011.

Furthermore, because Congress recognized that it is very late in the year, individuals who choose to make a qualified charitable distribution (QCD) rollover from their IRA trustee to a charity may make their gift through the end of January 2011 — and have it count towards the 2010 tax year.

Because the Arthur A. Dugoni School of Dentistry is a qualified charitable organization, those who are 70½ or older may transfer up to $100,000 to the school directly from their IRA.

There are limitations: you may not have taken your 2010 required IRA distribution and may reduce your income taxes with an IRA charitable rollover.

However, even for those who have taken their required IRA distributions, donors still may find those funds to be a very convenient way to make a tax-deductable year-end gift.

For more information, contact Ann Cisneros in the school’s Development Office at 415.929.6432.

Additionally, an IRA Rollover announcement that includes sample language donors may use with their IRA Custodian is available on our website.

Category Type: General

Contact:  Ann Cisneros, Planned Giving Officer, 415.929.6432, acisnero@pacific.edu