PRESIDENT SIGNS IRA CHARITABLE ROLLOVER EXTENSION INTO LAW FOR 2014
President Obama has just signed the IRA charitable rollover into law for 2014. The law allows individuals 70 ½ and older to transfer up to $100,000 from their individual retirement accounts to a qualified charitable organization without being subject to income taxes on the distribution during 2014.
- Donors must be 70 ½ or older.
- Donors can transfer up to $100,000 from their IRAs directly to a qualified charity.
- Donors pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so donors benefit even if they do not itemize their tax deductions.
- The gift can satisfy all or part of donors’ required minimum distributions for the year.
- If donors made a gift of up to $100,000 from their IRAs anytime in 2014, the gift will qualify under the law.
Donors who have not yet made such a gift but would like to take advantage of the opportunity must contact their IRA administrators right away. Gifts must be made by Dec. 31, 2014. For more information contact Maureen Karpf by email or by phone at (402) 505-8945.