The IRA Charitable Rollover expired January 1, 2012. This provision allowed donors age 70½ to exclude from their taxable income any IRA funds up to $100,000 that had been withdrawn and transferred to a charity when filing a tax return.
Bipartisan bills have been introduced in both congressional bodies that would make them permanent and expand the IRA charitable rollover.
For more information, please visit the following links:
History of the IRA Charitable Rollover
One of the provisions of the Middle Class Tax Relief Act of 2010 passed by Congress late December 2010, allowed donors to keep on giving through their Individual Retirement Accounts (IRA). The IRA Charitable Rollover was open to eligible individuals who wanted to contribute towards a charity without paying the penalty of counting these donated funds as part of their Annual Gross Income.
For further questions or concerns regarding how this will affect you please seek the counsel of a Tax Accountant.