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IRA Rollover Provision extended until December 31, 2009

On October 3, 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008. While the main feature of the Act is the rescue/bailout package, it also extends certain portions of the Pension Protection Act of 2006 that expired on December 31, 2007. This provision allows individuals to make distributions from their IRA accounts directly to a charity without recognizing the distribution as income. The extension covers distributions made in tax years 2008 and 2009. Key points of the provision are:

• You must be at least 70½ at the time of the charitable distribution.

 

• You may distribute up to $100,000 per year for tax years 2008 and 2009.

 

• Distributions must be made directly from the trustee/administrator of your IRA to a qualifying public charity (you cannot receive the distribution prior to gifting to the charity).

 

• Distributions cannot be made to donor advised funds or "supporting organizations." Careful planning is required because many foundations are classified as supporting organizations.

 

• Gifts must be made outright to the charity (they cannot be used to fund charitable remainder trusts or charitable gift annuities).

 

• No charitable deduction is allowed, since this provision allows you to exclude the distribution from income.

We urge you to consult your professional advisors regarding this charitable IRA rollover opportunity. For more information, please contact us.

Wendell Staton
Associate Vice Chancellor of Advancement
Director of Major and Planned Gifts
910-521-6850
wendell.staton@uncp.edu

 

Updated: Tuesday, October 21, 2008

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