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.