Special Bulletin

Donors Can Make 2010 Gifts Through Charitable IRA Rollovers Until Jan. 31

Last month, JB&A sent out a Special Bulletin to our readers to inform you about year-end opportunities for qualified donors to make gifts through Charitable IRA Rollovers. This giving option was made possible through the Unemployment Insurance Reauthorization, and Job Creation Act of 2010, signed into law by President Obama on Dec. 17. 

The measure reinstated and extended the benefits of Charitable IRA Rollovers through the end of 2011 and provided a one-time exception for eligible donors to make gifts credited to their 2010 donations, if the gift is made by January 31 of this year.

The provisions effectively continue the tax-free transfers of assets from IRAs to qualified charities that were present in various iterations of the CARE Act, KETRA and the Pension Protection Act. (See "Pension Protection Act Provides Giving Incentive," New$ You Can U$e, September 15, 2006. Nonprofit fundraisers and donors are cautioned that donors must meet the law’s age requirements and must allow time for their IRA custodian to complete the transfer by the January 31 deadline. The option will continue as a giving opportunity for the 2011 tax year through December 31, 2011.

For more information on the law’s provisions and how the transfers work, visit “Special Bulletin,” New$ You Can U$e, December 27, 2010, or call us at 1-800-222-9233.