The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 Reinstated
December 31, 2000
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 reinstates the IRA rollover and other charitable giving incentives through the end of 2011. If you are an individual age 70.5 years old or older, you can enjoy tax savings for the years 2010 and 2011 by making a gift to the American Indian College Fund.
If you are at least 70.5 years young you may transfer up to $100,000 per year to the American Indian College Fund directly from your IRA to give Native students a chance to go to college.
The combined value of all transfers made (whether to one or more charities) cannot exceed $100,000 per taxpayer per taxable year; transfers may be made for the years 2010 and 2011 with 2010 gifts accepted through the end of January 2011; transfers are not included in your adjusted gross income for federal income tax purposes; transfers to a charity may count as part of your annual mandatory IRA withdrawal amount; and IRA transfers to charity are not taken into account in determining the deduction eligibility of other charitable contributions. Please see your accountant or attorney for more details to take advantage of this opportunity to save you money and making the difference in an American Indian student’s life.