President Obama signed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 on Friday, December 17, 2010, which includes a provision that extended the qualified charitable distribution (QCD) provision. The QCD provision applies to IRA owners and beneficiaries (with inherited IRAs) who are at least age 70 ½ when the distribution occurs from their IRA. This Act extends the QCD provision until December 31, 2011, from December 31 2009.
- treated as made in the taxpayer’s 2010 taxable year and therefore permitted to count against his/her 2010 $100,000 QCD limit, and
- treated as made in the 2010 calendar year and permitted to be used to satisfy the taxpayer’s RMD for 2010.
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