A tax bill signed into law gives donors the opportunity to make certain charitable contributions before the end of the year!
On December 16, the Congress passed H.R. 5771, the “Tax Increase Protection Act of 2014.” which includes the re-authorization of the IRA Charitable Rollover provision through December 31, 2014.
Donors age 70 ½ and older may transfer up to $100,000 from their IRA to a qualified public charity. The transfer will be made free of federal income tax and the gift qualifies for the donor’s 2014 required minimum distribution (RMD). This extension is for 2014 and only applies to gifts completed by December 31, 2014.
Individuals may now, for a short period of time, take required minimum distributions as direct tax-free transfers to charity. Those who made direct transfers to charity during 2014 are covered by the provision. Please consult your tax advisor before utilizing the IRA Charitable Rollover.
What a wonderful opportunity for you to help us profoundly change the lives of at-risk children!