The Long (and Continuing) Travels of the Charitable IRA Rollover - Press - AFP

The Long (and Continuing) Travels of the Charitable IRA Rollover - Press - AFP: The Long (and Continuing) Travels of the Charitable IRA Rollover

The Charitable IRA Rollover was approved last week by the House Ways and Means Committee as part of a package of tax extenders, and is now headed to the full House for a vote. But the journey for the now expired provision is far from over.

Since being first approved in 2006, the IRA Rollover provision has expired—and been reinstated—several times in a process AFP and other charities have gotten used to. “It’s not been a great way to develop policy,” said Jason Lee, AFP’s general counsel. “Charities have not been able to plan their fundraising with the IRA Rollover effectively, much less market this key charitable giving incentive, when it is constantly expiring and working on the premise that it will be reinstated and made retroactive.”

IRA Rollover Provision Included in Senate’s EXPIRE Act - Press - AFP

IRA Rollover Provision Included in Senate’s EXPIRE Act - Press - AFP: 
IRA Rollover Provision Included in Senate’s EXPIRE Act

The IRA Charitable Rollover provision, which allows donors age 70� and older to exclude from their taxable income any IRA funds up to $100,000 that have been withdrawn and transferred to a charity when filing a tax return, is one step closer to being reinstated back into law.

Read AFP's Written Comments House Committee on Ways and Means Hearing on the Benefits of Permanent Tax Policy for America’s Job Creators (April 21, 2014)

IRA Charitable Rollover Included in Final Tax Bill - Provision Could Boost Giving by Billions Annually - Press - AFP

IRA Charitable Rollover Included in Final Tax Bill - Provision Could Boost Giving by Billions Annually - Press - AFP: "(Dec. 17, 2010) The Association of Fundraising Professionals (AFP) today applauded the inclusion of the IRA (Individual Retirement Account) Charitable Rollover in the tax bill recently signed into law by the President, noting that the provision has been proven to work and could increase giving by billions every year.

The IRA Charitable Rollover, a part of the Middle Class Tax Relief Act of 2010, would allow donors age 70½ to exclude from their taxable income any IRA funds up to $100,000 that have been withdrawn and transferred to a charity when filing a tax return.

IRA Rollover Approved by Congress, Heads to White House For Signing - Press - AFP

IRA Rollover Approved by Congress, Heads to White House For Signing - Press - AFP: "IRA Rollover Approved by Congress, Heads to White House For Signing
The IRA Rollover was approved by Congress as part of a bill a tax extenders package, H.R. 5771, the Taxpayer Increase Prevention Act.

However, the bill only provides for a one-year retroactive extension of the rollover provision, making it in effect until the end of 2014."



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IRA Holders Can Still Make 2010 Charitable Distributions

Via Guidestar

IRA Holders Can Still Make 2010 Charitable Distributions: "Note: The following discussion is provided for informational purposes only and is not intended to serve as legal or tax advice. For specific information about provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 affecting charitable contributions, consult your tax adviser or attorney.

Persons aged 70� or older can again enjoy tax savings by making charitable gifts directly from their Individual Retirement Accounts (IRAs), thanks to a provision of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which was signed into law December 17, 2010. The act also allows charitable distributions made from an IRA in January 2011 to be declared as 2010 gifts, should the IRA holder wish to do so."

IRA Rollovers: A Win-Win Situation for Donors, Federation | The Jewish Exponent

IRA Rollovers: A Win-Win Situation for Donors, Federation | The Jewish Exponent: "IRA Rollovers: A Win-Win Situation for Donors, Federation November 22, 2007 Thanksgiving is a traditional time to count our blessings and share our bounty with others. Rachel Gross, director of Planned Giving and Endowments for the Jewish Federation of Greater Philadelphia, believes that this holiday also provides an ideal forum for family discussion of how the IRA rollover legislation can help maximize philanthropic giving while minimizing tax liabilities."

Fiscal Cliff Deal Allows Giving IRA Assets To Charity - Forbes

Fiscal Cliff Deal Allows Giving IRA Assets To Charity - Forbes: Act fast: the fiscal cliff deal has a special tax break for cash donated by seniors to charity in Jan. 2013.

It’s a variation on the so-called IRA charitable rollover–

Two weeks remain for 2012 charitable giving from IRA assets | al.com

Two weeks remain for 2012 charitable giving from IRA assets | al.com: Taxpayers who plan on donating from their IRA have two more weeks to give a tax-free gift for 2012, under an extension by the American Taxpayer Relief Act of 2012.

Charitable Deduction Not Taken Down by the Fiscal Cliff - Press - AFP

Charitable Deduction Not Taken Down by the Fiscal Cliff - Press - AFP: IRA Rollover Provision Extended

There was some good news in the final fiscal cliff bill for charities. The tax extenders package, which includes the IRA Rollover provision, was included in the fiscal cliff bill. The IRA Rollover provision permits individuals ages 70� and older to give direct gifts up to $100,000 to qualified public charities from their Individual Retirement Accounts (IRAs) without tax penalty.

House Bill Would Provide Permanent Extension for IRA Charitable Rollover | PNNOnline.org

House Bill Would Provide Permanent Extension for IRA Charitable Rollover | PNNOnline.org: "A new bill introduced in the U.S. House would permanently extend the Individual Retirement Account (IRA) charitable rollover and expand it to allow increased charitable giving, most notably through donor advised funds. It is a preferred approach for many donors, allowing them to create a fund through an organization, such as a community foundation, and to recommend how those funds should be used."

The Enquirer - How to give away part of an IRA

The Enquirer - How to give away part of an IRA: "Before the gift can be made, the withdrawal from the IRA has to be reported as ordinary income, possibly increasing state income tax, exposure to the federal alternative minimum tax and the itemized-deduction phase-out.

There are limits on the amount one is allowed to deduct as charitable gifts in one year.

However, the law allows in 2007 a special charitable rollover from IRAs"

Smartmoney.com: Estate Planning: Leave Your IRA to Charity

Smartmoney.com: Estate Planning: Leave Your IRA to Charity: "Estate Planning
Leave Your IRA to Charity


SAVVY ESTATE PLANNING means more than just figuring out who gets what. It's also about keeping a careful eye on the tax man � and employing strategies to make sure the IRS doesn't turn out to be a major beneficiary. "

Public Policy Update (12/20/2104): President Obama has signed into law H.R. 5771, which includes the Charitable IRA Rollover provision

Association of Fundraising Professionals - AFP: "Public Policy Update (12/20/2104): President Obama has signed into law H.R. 5771, which includes the Charitable IRA Rollover provision. But the provision, which allows donors to transfer up to $100,000 per year to a charity without having to count the gifts as part of their taxable income (and forego the deduction) is only extended through the end of 2014!"



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Act now to give IRA assets to charity - CBS News

Act now to give IRA assets to charity - CBS News: MoneyWatch) A provision in the recently enacted "fiscal cliff" law could provide a significant tax benefit for seniors who want to donate part of their IRAs to charity. Of course, there's some fine print along with the benefit.

Congress May Consider Extending IRA Tax Break for Charitable Gifts - WSJ.com

Congress May Consider Extending IRA Tax Break for Charitable Gifts - WSJ.com: "t's crunch time for a tax break that lets people tap their IRAs and give the proceeds to a charity without the Internal Revenue Service claiming part of the money.

The provision that lets people aged at least 70 ½ pull money out of their individual retirement accounts and channel it tax-free to charity expires at the end of the year. With charitable giving down 2% last year and expected to be off in 2009 as well, there's a push on Capitol Hill to keep the tax break – and even to broaden it."

Conrad Teitell Testifies Before W&M Committee on Tax Reform and Charitable Contributions | Planned Giving Design Center

Conrad Teitell Testifies Before W&M Committee on Tax Reform and Charitable Contributions | Planned Giving Design Center: Testifying on behalf of the American Council on Gift Annuities, attorney Conrad Teitell offered a four-point plan of recommendations that include 1) making direct tax-free transfers to public charities from IRAs (IRA rollovers) permanent; 2) expanding IRA rollovers to include transfers to life-income charitable gifts; 3) eliminating current law that subjects the charitable deduction to the Pease limitation; and 4) preventing caps, floors and a lower tax rate at which charitable contributions may be deducted.

How to Pitch IRA Gifts to Older Donors - Fundraising Fundamentals - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Interesting podcast.

How to Pitch IRA Gifts to Older Donors - Fundraising Fundamentals - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

Public Policy Update-a two-year extension of the IRA Rollover provision

Public Policy Update: "President Bush today signed the $700 billion economic bailout bill (H.R. 1424, Financial Rescue Package), which includes a two-year extension of the IRA Rollover provision.
The provision will be made retroactive to Jan. 1, 2008, and will apply to gifts made from that date through Dec. 31, 2009."

New Tax Deal Lowers Estate Tax and Extends IRA Charity Break - Tax Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas

New Tax Deal Lowers Estate Tax and Extends IRA Charity Break - Tax Watch - The Chronicle of Philanthropy- Connecting the nonprofit world with news, jobs, and ideas: "Congress has approved a new tax deal that would lower estate-tax rates from 2009 levels and extend a benefit for older donors who tap their individual retirement accounts to make charitable donations.

President Obama, who brokered the deal with Republican lawmakers, is expected to sign the bill into law today."

Enid Ablowitz: Tax-wise giving - Boulder Daily Camera

Enid Ablowitz: Tax-wise giving - Boulder Daily Camera: Happy New Year! As part of the "fiscal cliff" compromise legislation, Congress did three things that impact donors:

They approved the IRA Charitable Rollover.

They imposed limits on itemized deductions for higher-income taxpayers.

They "permanently" modified the estate tax calculation.

With thanks to the University of Colorado Foundation and especially Vice President Kristen Dugdale, here's a summary of the changes: