Extension of the IRA Charitable Rollover

The House of Representatives approved the American Jobs and Closing Tax Loopholes Act of 2010, or H.R. 4213, on May 28. H.R. 4213 extends the IRA charitable rollover, allowing individuals 70.5 or older to make gifts up to $100,000 per year from an IRA to a charity without paying income taxes on the IRA distributions.

H.R. 4213 will now go to the Senate, where it will either be passed or amended.

For more details, see Hani Sarji, House passed updated version of bill on IRA charitable rollover and tax extenders; Senate will consider this updated bill, Future of the Federal Estate Tax, June 7, 2010.