Nursing Project News

IRA Rollover Extended through December 2009

The recently signed $700 billion economic bailout bill (H.R. 1424, The Financial Rescue Package), includes a two-year extension of the IRA Rollover provision.

The provision will be made retroactive to January 1, 2008, and will apply to gifts made from that date through December 31, 2009. The special legislation allows you to make charitable gifts directly ("rolled over") from a traditional or Roth Individual Retirement Account (IRA) without incurring federal income taxes. The following limitations apply:

• The donor must be age 70 1/2 or older.
• The cap on annual IRA rollovers is $100,000.
• The contribution must be a direct gift to a charity (no planned gifts.)