Late Thursday night (December 16), Congress approved a broad tax package that includes reinstatement of the IRA Charitable Rollover giving incentive, a top policy priority for orchestras and the broader nonprofit community. This giving incentive is retroactively reinstated for charitable gifts made during 2010, and extended throughout 2011. Also, gifts made by January 31, 2011 may be recognized as 2010 gifts for tax purposes. The IRA Rollover allows donors 70-1/2 and older to make up to $100,000 in charitable contributions directly from their individual retirement accounts (IRAs) without paying federal taxes on the withdrawal. This has proven to be an important giving incentive, resulting in new and increased charitable giving to orchestras and the full range of nonprofit organizations. With the Rollover, orchestras can seek 2010 gifts through the end of January 2011. The 2011 Rollover will expire on December 31, 2011. More information on the IRA Charitable Rollover is available here.
Posted December 17, 2010