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Wednesday, April 7, 2010

Qualified Charitable Distributions from Individual Retirement Accounts: A Fact Sheet

John J. Topoleski Analyst in Income Security

A provision of the Pension Protection Act of 2006 (P.L. 109-280) allows tax-free distributions from Individual Retirement Accounts (IRAs) for charitable purposes. This fact sheet describes the IRA Qualified Charitable Distribution (QCD) provision. The provision had expired on December 31, 2007; it was extended until December 31, 2009, by H.R. 1424/P.L. 110-343, signed by President George W. Bush on October 3, 2008. In the 111th Congress, the following bills would extend the provision beyond December 31, 2009: H.R. 4213, H.R. 2435, H.R. 1250, and S. 864. H.R. 4213, the Tax Extenders Act of 2009, would extend the provision until December 31, 2010. This bill passed the House on December 9, 2009. The Senate passed the bill (with amendments) on March 10, 2010. As of April 1, 2010, the House has not acted on the Senate amendments.

Date of Report: April 1, 2010
Number of Pages: 5
Order Number: RS22766Price: $7.95

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