The expired 2009 law providing for tax-free transfers from IRAs to qualified charities is extended for 2011 (under the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, Public Law 111-312). The law was also extended retroactively to Jan. 1, 2010. A donor was given the option to elect to treat a direct transfer to charity during January 2011 as being made in 2011 or on Dec. 31, 2010.
The tax-free IRA/charitable rollover is a highly advantageous way for clients who have donative intent to make their charitable gifts. But it’s crucial to follow the numerous rules lest your client be taxed on his or her generosity.
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