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New Agreement on IRA Charitable Rollovers

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Includes Tax Extenders
By Robert Giese

After months of negotiation, Senate Finance Committee Chair Max Baucus (D-MT) and House Ways and Means Committee Chair Sander Levin (D-MI) have announced an agreement.

Passed House and Senate

The House and Senate both previously passed bills that would extend over 40 tax provisions, including the IRA Charitable Rollover. Because there were different tax offsets in the House and Senate bills, extended negotiations were required to find tax increases acceptable to both.

The House bill paid for the tax extenders by increasing the tax rate on hedge fund managers. Currently, the “carried interest” or income of hedge fund managers is taxed at capital gain rates. The House proposed to tax this income at the higher ordinary income rates.

American Jobs and Closing Tax Loopholes Act of 2010

Under the compromise published in the American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213), the “carried interest” amounts will be subject to increased tax. For hedge fund managers, 75% of income is taxed at ordinary rates and 25% is taxed as long-term capital gain.

Vote this Week

The House plans to vote on the bill the week of May 24. Former Chair of the House Ways and Means Committee Charles Rangel (D-NY) stated, “For a lot of members, it’s a very difficult vote and they don’t want to take a vote unless they have assurance that the Senate is going to pass it.”


Sen. Max Baucus indicated that he expected to find the 60 votes required for passage in the Senate. As is true in the House, a number of Senators who represent regions with financial service firms are concerned about the change in the tax on hedge fund managers. However, Sen. Baucus indicates that the votes are likely to be sufficient to pass the bill.

Editor’s Note: Because the tax extenders portion of the bill includes the educational deduction for teachers, a research and development credit for business and many other popular provisions, similar bills normally pass by large margins. Even with the tax offsets, it is probable that the bill will pass in the next few weeks. Charities should begin planning their fall IRA Charitable Rollover marketing campaigns. Because most individuals with larger IRAs take their required minimum distributions in the fall, there is still time to have a successful IRA Rollover Campaign in 2010.

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3 Responses

  1. Follow-up on Tax Extenders in Limbo

    On the third effort to submit the legislation that would provide both employment benefits and tax extenders, the Senate failed in a 57-41 vote to attain the required 60 votes for passage. The American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213) is now on hold.

    The bill combines several separate sections. One section would increase over 40 different tax extenders that have been passed regularly for the past two decades. Another section would extend unemployment insurance for 900,000 individuals who have now reached the limit of their payments. A third section covers various healthcare related programs.

    Senate Majority Leader Harry Reid (D-NV) indicated that he was “very disappointed” in the vote. Senate Finance Committee member Olympia Snowe (R-ME) responded that the bill was far from what taxpayers want. Sen. Snowe opposed increasing taxes on Subchapter S corporation shareholders.

    The Senate has attempted three different times to reduce the cost of the bill. The initial $200 billion cost had been reduced to approximately $30 billion in the third version of the bill. Tax reductions for the extenders and unemployment benefits were offset in part by increased taxes on hedge fund managers, Subchapter S corporations and international corporations.

    Supporters of the bill included Sen. Max Baucus (D-MT). He stated, “For millions of Americans who have lost a job through no fault of their own, the Senate debate on the job extenders bill has been a fight for the unemployment benefits that help keep a roof over their heads.”

    However, Senate Minority Leader Mitch McConnell (R-KY) pointed out that even the current bill adds “$30 billion to an already staggering $13 trillion national debt.” He prefers a proposal that would pass the tax extenders while reducing the deficit.

    Editor’s Note: Tax extenders have been passed every year for the past two decades. It is still likely that the popular tax extenders could be attached to another bill and passed in September. Even with the short legislative session before the fall campaign and November election, there will be a strong desire to pass the extension of the teachers’ expense deduction, the research and development credit, the IRA charitable rollover and many other tax extenders.

    Robert Giese


  2. IRA Rollovers

    In an Announcement and an accompanying News Release, IRS has issued several additional rules to flesh out the application of the one-IRA-rollover-per-year rule that it announced earlier this year would go into effect on Jan. 1, 2015. One such rule is a transition rule for distributions made in 2015.

    Code Sec. 408(d)(3)(B) provides that an individual is permitted to make only one nontaxable 60-day rollover between IRAs in any 1-year period.

    Prop Reg § 1.408-4(b)(4)(ii) and IRS Publication 590, Individual Retirement Arrangements (IRAs), had provided that the one-rollover-per-year limitation was applied on an IRA-by-IRA basis. However, the Tax Court in Bobrow, TC Memo 2014-21, held that the limitation applies on an aggregate basis, meaning that an individual could not make more than one nontaxable 60-day rollover within each 1-year period even if the rollovers involved different IRAs.

    IRS issues new guidance. IRS has now issued a series of new rules that flesh out the changes.

    An individual receiving an IRA distribution on or after Jan. 1, 2015 cannot roll over any portion of the distribution into an IRA if the individual has received a distribution from any IRA in the preceding 1-year period that was rolled over into an IRA. Special transition rules are in effect for 2015.

    Observation: Thus, a distribution received in late 2014 can be rolled over in 2015 as long as it’s done within 60 days without preventing a 2015 distribution from a different IRA from being rolled over. The one-rollover-per-year limitation also does not apply to a rollover to or from a qualified plan, nor does it apply to trustee-to-trustee transfers. And such a rollover is disregarded in applying the one-rollover-per-year limitation to other rollovers. Always use a trustee to trustee transfer when rolling over an IRA. IRA trustees can accomplish a trustee-to-trustee transfer by transferring amounts directly from one IRA to another or by providing the IRA owner with a check made payable to the receiving IRA trustee.

    A rollover from a traditional IRA to a Roth IRA (a “conversion”) is not subject to the one-rollover-per-year limitation, and such a rollover is disregarded in applying the one-rollover-per-year limitation to other rollovers. However, a rollover between an individual’s Roth IRAs would preclude a separate rollover within the 1-year period between the individual’s traditional IRAs, and vice versa. (Here, the term “traditional IRA” includes a simplified employee pension described in Code Sec. 408(k) and a SIMPLE IRA described in Code Sec. 408(p).)

    If you are planning on an IRA rollover please contact us to walk through the steps that should occur to avoid taxation of the distributions.

    With warm regards
    Bobby Whirley CPA


  3. Rollover UPDATE 2016

    On August 24th 2016, the IRS changed its appeals process for those who miss the 60-day deadline.


    Now, with one of 11 excuses — a postal error, for example — and some “self-certification” legwork, you can fix the problem yourself for free.



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