As we creep into the end of another year, it prompts us to consider our charitable gifting opportunities in respect to our year-end tax planning. There are many ways in which you can structure a gift to provide benefit to you personally while supporting the causes that mean the most to you. Congress has recently made it more attractive for IRA owners over 70 to do just that.
On October 3, 2008, as part of the economic recovery plan, the House joined with the Senate to approve the much awaited IRA charitable rollover plan. This allows IRA owners to make a direct gift to their parish, parish school, diocese, or other qualified diocesan institution through their required minimum distribution from an IRA. This also applies to legally binding pledges you may have made to the Church.