Tuesday, January 3, 2012

IRA Rollover for 2012 - Not Yet Passed

In December of 2010, Congress extended the IRA charitable rollover for years 2010 and 2011. The current law expired Dec. 31, 2011. At present, there is no IRA charitable rollover for 2012.

Each year since 2006 Congress has permitted a charitable IRA rollover of up to $100,000 for IRA owners over age 70½. This and about 40 other "tax extenders" are passed each year. However, in 2010 the passage was in December, but retroactive to January 1 of that year.

Will the IRA rollover pass again in 2012? It seems likely because other tax extenders have been passed for 20 consecutive years and the IRA charitable rollover is quite popular. However, a tax bill with the tax extenders and other provisions may be delayed for political reasons until after the November election. 

Once we hear that the IRA rollover has passed again we will prepare a new IRA charitable rollover marketing plan for later in 2012 and will be sure to notify you. We all hope Congress will cooperate in this effort.