Great news regarding donations through Individual Retirement Accounts: On December 16, the Senate passed the Tax Increase Prevention Act of 2014 (HR 5771), which included an extension of the IRA Charitable Rollover provision up through December 31, 2014. The House had passed the Act earlier this month and it is expected that the President will sign it into law shortly. Under this provision, donors ages 70½ and older may transfer up to $100,000 from their IRAs to qualified public charities without incurring any federal income taxes on the transfers as they are excluded from the donors adjusted gross income. By utilizing this provision, donors may be able to avoid or reduce certain taxes and penalties while also being able to count the transfer toward their Required Minimum Distribution (RMD). If you would like to take advantage of this situation, and help The Conservation Foundation in the process, please call us at (630) 428-4500. We will be glad to assist!
Posted on: Mon, 22 Dec 2014 21:08:26 +0000
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