As part of the Emergency Economic Stabilization Act of 2008, the IRA rollover provision has been extended to tax years 2008 and 2009.   The rollover rules work exactly the same as the rules for the 2006 and 2007 tax years.

• Donors who are at least 70½ years old can make distributions directly from their IRA accounts to public charities, up to $100,000 per taxpayer per year.
• Donors do not have to include these distributions in their federal income.  Similarly, donors are not eligible for a charitable income tax deduction for these distributions.
• The distributions must be direct gifts to ministries, including gifts to endowment funds. 
• Distributions cannot be made to split interest gifts like charitable remainder trusts and charitable gift annuities.
• Distributions can not be made to donor advised funds.
• The distributions qualify for the donor’s required minimum distributions.
• Donors must receive a written acknowledgement from the charity for the distribution to qualify for the special provision.

A video presentation about this provision can be viewed at www.LCMSgiftplan.org.