Congress extends charitable IRA rollover with no tax penalty

The recently signed $700 billion economic bailout bill (H.R. 1424) includes a two-year extension of the IRA Rollover provision originally included in the Pension Protection Act of 2006 and which expired on December 31, 2007.

The new provision will be retroactive to January 1, 2008, and applies to gifts made from that date through December 31, 2009.

The extension allows donors who meet certain requirements to make charitable gifts directly ("rolled over") from a traditional or Roth Individual Retirement Account (IRA) without being subject to federal income taxes. 

• 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.)

For more information about donating to Wofford College, please contact the Development Office at 864-597-4200.