IRA Charitable Rollover Restored
Older Americans are once again able to contribute directly to public charities from their individual retirement accounts, thanks to a provision in the Emergency Economic Stabilization Act of 2008. The IRA Charitable Rollover tax incentive, which is available through 2009, allows individuals aged 70½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) and Roth IRAs to public charities without having to count the distributions as taxable income. The required distributions can be made directly to a charity such as Smart Growth Vermont so that the taxpayer can avoid having to pay taxes on the distribution. The easiest way to contribute is to write a check directly from the IRA. For more details, please contact your IRA administrator.