12-27-2010 (Dayton, OH) -
Renewal of the IRA (Individual Retirement Account) Charitable Rollover was included in the tax bill recently signed into law by President Barack Obama.
The IRA Charitable Rollover, a part of the Middle Class Tax Relief Act of 2010, allows individuals age 70½ to exclude from their taxable income any IRA funds up to $100,000 that have been transferred directly to a charity when filing a tax return. The provision is extended through Dec. 31, 2011. This extension also is retroactive, meaning that the tax benefits of the provision apply to any qualified donations made after Dec. 31, 2009. The extension of the IRA Charitable Rollover also includes a special provision that allows taxpayers who make any qualified donations between Dec. 31, 2010, and Feb. 1, 2011, to deem that those donations were made on Dec. 31, 2010, for tax filing purposes.
“Tax incentives such as the IRA Charitable Rollover provision play a vital role in encouraging individuals to make gifts or to pay off pledges,” said David Kinsaul, President and Chief Executive Officer of Dayton Children’s. “The rollover provision is a powerful and unique way in which donors can support our hospital and other charitable causes in their communities.”
For information about making a gift from your IRA, contact your IRA custodian to request a special form to request a transfer to charity and call the Development Office at Dayton Children’s to inform us of your gift at 937-641-3405.
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