Congress Considers IRA Charitable Rollover Extension or Permanent Status in the Tax Code
The most recent extension of the IRA Charitable Rollover expired December 31, 2013. Congress has considered a new extension or a permanent provision in the tax code, but by May 30, had not acted on either proposal. Likely guidelines for the IRA Charitable Rollover (Qualified Charitable Distribution) for direct transfers from a traditional or Roth IRA to a qualified public charity include:
Details about a rollover gift:
To discuss a charitable IRA rollover, please contact any of our advancement professionals: Brent Magner at 402-363-5636, Tim Bruner at 870-612-2644, or Nick DiToro 402-363-5660. Always seek the advice of your financial planner or accountant before making any decision on a rollover.
The charitable IRA rollover came into being as part of the Pension Protection Act of 2006. The rollover provision expired on December 31, 2007. It has been reinstated and extended three times since then, through December 31, 2009, through December 31, 2011, and most recently through December 31, 2013. Since enacted in 2006, thousands of donors made qualified charitable distributions and took advantage of this giving option.
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