The tax bill passed by Congress in mid December reinstated a provision that allows donors age 70 ½ or older to make a gift directly from their traditional IRA to a qualified nonprofit such as the Appalachian Mountain Club. This is great news for people who have to take mandatory minimum withdrawals, but do not need the income, since it allows them to take a withdrawal without having to pay income tax. The provision will also remain in effect through December 2011.
Need some more time to consider a gift? Congress recognized that their foot-dragging put may donors in a difficult end-of-year position as far as making charitable gifts. The legislation includes a special rule allowing any IRA gifts made in the month of January to count for 2010.
For additional information, please contact:
Katrin Aback at 617.391.6638 or email@example.com; or
Jim Hamilton at 617.391.6585 or firstname.lastname@example.org
Labels: Year End Campaign