We wanted to update you on recent legislation that provides a two-year retroactive extension of the IRA Charitable Rollover. Donors aged 70½ or older are once again eligible to move up to $100,000 from their IRAs directly to charities without having to pay income taxes on the money. The new law reinstates the Rollover for 2010 and allows any eligible gifts made by January 31, 2011, to be treated as a 2010 donation and be used to satisfy minimum distribution requirements for 2010.
In addition to the Rollover extension, the new law contains a number of significant provisions which include:
- Two-year extension of all 2001 and 2003 tax cuts
- Two-year adjustment of the estate tax with a $5 million individual exemption and 35 percent rate
- Two-year extension of the alternative minimum tax "patch"
- Two-year extension of various charitable giving provisions such as enhanced deductions for contributions of food inventory, increased limits for contributions of capital gain real property for conservation purposes and special rules for contributions of property by S corporations.
We wanted to ensure you are up to date on legislation that affects your charitable giving. If you are considering a gift to Ridgeview and would like assistance with your gift planning, please do not hesitate to be in touch.
Director, Ridgeview Foundation
Direct: (952) 442-8061