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Home > Advisors > Advisory News Articles
October 7, 2008: Congress has extended the provision that allows individuals 70 1/2 years old and older to make charitable contributions from their IRAs. This popular law was passed as part of the Pension Protection Act of 2006 and renewed as part of the economic package signed into law by President Bush on October 4, 2008. Contributions of up to $100,000 per year can be made to qualified charities, including funds held by the Community Foundation of Southern Indiana, in 2008 and 2009.
March 2, 2009: Representatives Earl Pomeroy (D-ND) and Wally Herger (R-CA) introduced the Public Good IRA Rollover Act of 2009 (H.R. 1250). This legislation would make the IRA Charitable Rollover permanent, remove the $100,000 annual limit on donations, provide IRA owners with a planned giving option starting at age 59½, and allow for distributions to supporting organizations, donor-advised funds, and private foundations. The Act, which is virtually identical to legislation promoted by the Partnership in previous Congresses, would amend the Internal Revenue Code of 1986 to expand tax-free distributions from individual retirement accounts for charitable purposes. The current law IRA Charitable Rollover allows individuals age 70½ and older to make outright charitable donations of up to $100,000 from IRAs and Roth IRAs without having to count the distributions as taxable income. That provision is set to expire in December 2009.
If you'd like to know more, you can read our press release here, or contact Jim Wathen, asset development officer, at (812) 948-4662 or e-mail Jim at jwathen@cfsouthernindiana.com.
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