Friday, October 3, 2008

Congress Extends the IRA Charitable Rollover

The massive Emergency Economic Stabilization Act of 2008 (the "bailout bill") that was signed into law today by President Bush includes a provision to extend the IRA charitable rollover through 2009. These provisions were originally included in the Pension Protection Act of 2006 in response to Hurricane Katrina as a means to increase tax-free charitable giving. The provisions allow an individual to donate up to $100,000 from an individual retirement account (IRA) to charity tax-free.

A bit of silver lining in this storm cloud.

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