Supporters Age 70 ½ and Older May Take IRA Charitable Rollover for 2014

Dec 18, 2014 | Blog

Supporters Age 70 ½ and Older May Take IRA Charitable Rollover for 2014

December 18, 2014

Yesterday, the Senate passed the “Tax Increase Prevention Act of 2014,” (HR 5771) which includes an extension through December 31, 2014 of the IRA Charitable Rollover.

The IRA Charitable Rollover allows people, aged 70½ and older, to transfer up to $100,000 directly from an IRA to charity each year. The transfer is NOT subject to income tax, as it does not go to the donor.

President Obama is expected to sign the bill in the next few days. You must take advantage of this extension before midnight, December 31, 2014.

Please note this transfer does NOT qualify as a 2014 charitable deduction.

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Thank you to all those who called and emailed your elected officials on behalf of Native students and Native higher education prior to the passing of the Bill Beautiful Bill. Know that we will continue to champion our tribal students and institutions and ask you to stay the course with us.