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IRA Rollover is Back
Columbus, Ohio / October 2008 :: As part of the 2008 financial rescue package, Congress has voted to retroactively extend the IRA charitable rollover provision from January 1, 2008 through December 31, 2009.
This action reinstates the rollover as enacted by the Pension Protection Act of 2006. The IRA charitable rollover permits individuals over age 70 to make tax-free charitable gifts of up to $100,000 per year directly from their individual retirement accounts to qualified charities. Amounts rolled over are not taken into income by the IRA owner and are not eligible for a charitable contribution deduction.
However, such rollovers may be counted toward minimum required distributions from the owner’s IRA. Note that as in the rollover rules for 2006 and 2007, distributions will not qualify if made to donor advised funds, supporting organizations, split-interest trusts or in exchange for gift annuities.
If you have specific questions regarding the legislation, please contact Jackie Jacobs, Columbus Jewish Foundation Executive Director at 614-338-2365 or at phil@tcjf.org.
For over 53 years, the Columbus Jewish Foundation has seen its role as attending to the unmet needs of our community. For more information about the Columbus Jewish Foundation and to find out how your philanthropic dollars can make a difference right here in Columbus and throughout the world, please visit www.iamphil.org, or call 614-338-2365.
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