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By Tag · IRA Rollover

  • Will the charitable IRA rollover be made permanent?

    May 26, 2015

    Will the charitable IRA rollover be made permanent?

    Two congressional bills have been proposed this year to allow more Americans to transfer funds from their individual retirement accounts (IRA) to charitable organizations. Among other details, these proposals would restore, expand, and make permanent the charitable IRA rollover. The purpose of these new proposals is to replace the former charitable IRA rollover provision, originally created by the Pension Protection Act of 2006. The charitable IRA rollover provision allows individuals age 70½ years and up to make a tax-free donation of up to $100,000 to a qualifying public charity directly from an IRA. (Otherwise, the IRA owner would have to pay taxes on the IRA funds before claiming the deduction.) This benefit is available to all taxpayers, regardless of whether they itemize their deductions. Continue Reading ➜

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