IRA Rollover Gifts

The Emergency Economic Stabilization Act of 2008 permits individuals to rollover up to $100,000 from an individual retirement account ("IRA" or "Roth IRA") directly to a qualifying charity without recognizing the assets transferred to the qualifying charity as income.

The Emergency Economic Stabilization Act of 2008 uses the term “qualified charitable distribution” to describe an IRA charitable rollover. A qualified charitable distribution is made directly from a traditional or Roth IRA of an individual who is 70-1/2 or older to an eligible charitable organization. An individual may exclude up to $100,000 from his/her gross income for each tax year for qualified charitable distributions from IRAs.

Effective Date: This legislation is time-limited. To utilize this tax benefit for the 2009 taxable year, you must make the transfer dated (postmarked) by Dec. 31, 2009.