Attention Retirees

Have you heard about the IRA Charitable Rollover?

Good news from Uncle Sam. The IRA Charitable Rollover has been reinstated through 2011 as part of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. As a matter of fact, contributions for the 2010 tax year can be made retroactively through January 2011. Given the short time remaining before January 31, 2011, the time to act is now.

The IRA Rollover was first enacted in 2006 as part of the Pension Protection Act. The provision allows individuals aged 70½ and older to donate up to $100,000 from their Individual Retirement Accounts (IRAs) to nonprofits like the Alabama Humanities Foundation without having to count the distribution as taxable income.

The reinstatement of the IRA charitable rollover is due to the hard work of members of Congress who recognize the importance of providing opportunities for Americans to give back to their communities. As of now, the provision is good for 2011 only.

You are invited to phone the Alabama Humanities Foundation at (205) 558-3992 if you have any questions.