2010 Tax Act

With the passage of 2010 Tax Act, Congress retroactively reinstated the ability to make direct qualified charitable distributions from your IRA, in amounts up to $100,000 by IRA owners who are at least age 70 1/2.

This provision expired at the end of 2009, but is once again available, retroactive to Jan.1 2010-Dec 31, 2011.

The provision allows the individual, age 70 1/2, and thus subject to Required Minimum Distributions, to make contributions directly from an IRA to a Qualified charity, in an amount of up to $100,000 per year.

This means that the IRA owner who doesn’t need his or her Required Minimum Distribution for income can direct the distribution to the charity of his or her choice. In addition, he or she will not have to recognize the distribution as income for determining Adjusted Gross Income or any modified AGI calculations!

Please consider House of Hope Emergency Shelter for Women this year for your Required Minimum Distribution. We are seeing God work miracles already in 2011. So glad you are a part!