Taxpayers who act quickly may still be able to attribute an individual retirement account (IRA) rollover charitable gift of up to $100,000 to 2010.
Congress extended the 2010 IRA rollover gift deadline through Monday, and that means donors can still make a gift of $100,000 for 2010, according to James Moniz, president of Northeast Wealth Management, Braintree, Mass.
A donor who makes one $100,000 gift attributable to 2010 and a second $100,000 gift attributable to 2011 can give a total charitable IRA rollover gift of $200,000, Moniz says.
Congress made the charitable IRA rollover gift tool available to individuals from 2006 through 2009, then reinstated the method for 2010 and 2011.
An individual age 70 1/2 or older can use the technique to donate up to $100,000 per year directly from an IRA to a qualified charitable organization and receive the equivalent of a 100% income tax charitable contribution deduction, Moniz says.
- Warren S. Hersch
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