The Pension Protection Act of 2006 allowed an individual taxpayer who had attained age 70 ½ to make distributions in 2006 or 2007 of up to $100,000 per year from an individual retirement plan (IRA) to one or more qualified charities and exclude such distributions from gross income. This provision, which was extended for distributions made in 2008 and 2009, expired after Dec. 31, 2009.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which was introduced Dec. 9, 2010, would extend this provision for 2010 and 2011. A charitable rollover counts against the taxpayer’s IRA minimum distribution requirements, and for those taxpayers who have not yet made the minimum distributions for 2010, the Act as introduced would allow charitable rollovers made through January 2011 to be treated as if made in 2010. The Act, however, is not yet law. Anyone wanting to make an IRA charitable rollover in 2010 should monitor this legislation closely.
McGuireWoods Private Wealth Services
The McGuireWoods Private Wealth Services Team stands ready to help clients and their advisors obtain estate planning results that benefit themselves and their families from both a tax and non-tax perspective. Our Private Wealth Services Team is ranked by Chambers and Partners, the international rating service for lawyers, as one of two top-band private wealth services practice groups in the country. Our professionals throughout the United States and in London are dedicated to estate planning and the analysis of related tax and fiduciary issues. Please click here for a full listing of Private Wealth Services Team lawyers and their locations.
McGuireWoods Nonprofit & Tax-Exempt Organizations Group
Our nonprofit and tax-exempt organizations lawyers provide advice and guidance that enable charities and other nonprofits to operate more efficiently and effectively in today’s increasingly complicated, regulated and competitive environment.
McGuireWoods Fiduciary Advisory Services
Fiduciary Advisory Services advises financial institutions and other clients about planning, tax, and fiduciary matters. This includes advising executors and trustees in managing risks, avoiding litigation, and handling litigation when it does arise.