100k Exclusion for Charitable Gifts from IRA
The $100,000 dollar exclusion for charitable gifts to (QCDs) per year is only good through 2009. Has anyone heard about the possibility of this being extended past 2009?
Right now, 408(d)(8)(F) Terminates the exclusion contained in paragraph 8…
-J
Permalink Submitted by Alan Spross on Tue, 2009-06-23 19:51
Haven’t heard anything…….yet.
Permalink Submitted by Joseph Arsenault on Tue, 2009-06-23 20:20
Thanks Alan,
I actually just found something, CCH posted HR 2435, IRA Charitable Giving Act on May 14th
it replaces 2009 with 2010.
SEC. 2. EXTENSION OF TAX-FREE DISTRIBUTIONS FROM INDIVIDUAL RETIREMENT PLANS FOR CHARITABLE PURPOSES.
Subparagraph (F) of section 408(d)(8) of the Internal Revenue Code of 1986 is amended by striking `December 31, 2009′ and inserting `December 31, 2010′.
Of course it has only been referred to the committee on May 14th, it is not even at the house yet.
When I first posted the question I was unable to find anything. Hopefully this goes through!
Permalink Submitted by Alan Spross on Tue, 2009-06-23 20:40
Yes, there are probably dozens of budding bills out there, including one to delay RMDs to age 75 or extending the RMD waiver another year. I tend not to get too excited about them until there is some consensus in both houses. Another pending bill would provide tax exclusions for annuitizing employer plans or IRA accounts up to a limit or and excluding longevity insurance reserves from RMD account balances. November and December are probably the likely time for some of these to emerge …or not. That’s when estate tax changes will also be debated so that the estate tax does not disappear for a year.