Last Chance Tax Legislation Info

The compromise tax bill which was passed by Congress and signed by the President, extends until December 31, 2011, a provision known as the “Charitable IRA Rollover” which allows taxpayers age 70 1⁄2 or older to make tax-free transfers (up to $100,000 per year) directly from their IRAs to charities (for example, your church, school or church ministries you wish to support). You can make distributions directly to one or more charities from your traditional IRA, as long as you are at least 70 1⁄2 years old when you transfer the gifts. Such gifts can be made without increasing your taxable income or withholding. Additionally, funds transferred from your IRA to a charity will NOT subject your Social Security income to higher tax levels, and will count toward your minimum required distribution (MRD). For further information, call Robert Menard, Director of Planned Giving for the Catholic Foundation, 596-3043.