IRA
Charitable IRA Rollover Re-Enacted for 2010-2011
On December 17, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. The new law extends the charitable IRA rollover for two years, retroactive to January 1, 2010 through 2011.
The charitable IRA rollover, which allows taxpayers who are 70 ½ or older to make tax-free transfers of up to $100,000 per year from a Traditional IRA or Roth IRA directly to charity, was originally effective for 2006 and 2007 and then twice extended through 2009.
Recognizing that there is little time left to take advantage of this extension in 2010, the new law allows donors to elect to treat IRA rollover gifts made in January 2011 as if they were made on December 31, 2010. Taxpayers who make this election are allowed to count their gift against the $100,000 limitation on such gifts in 2010 instead of against the 2011 limitation. They may also count their gift toward fulfilling their required minimum distribution for 2010.
For now, donors over the age of 59 can withdraw IRA funds and donate to a charity without the 10% penalty for early withdrawals. Dominican University will make it easy to complete your gift by coordinating the IRA charitable distribution with your IRA custodian or financial advisor.
For assistance in completing a gift from your IRA or for more information, contact the Office of Planned Giving at 708.524.6307 or email development@dom.edu.
“Everyone here - teachers and staff - have been so attentive. My financial aid lets me have breathing room. I can focus on my studies without worrying. It keeps me motivated.”
Garrett Flavin
Class of 2012
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