IRA Charitable Rollover Signed into Law

H.R. 2029 was recently passed. It included a provision to retroactively reinstate the IRA Charitable Rollover provision for all of 2015 and remove any expiration date on the provision.

According to Independent Sector,

Individuals may begin taking distributions from their Individual Retirement Accounts (IRAs) as early as age 59½, but are required to begin taking them at age 70½. Normally, these distributions are subject to income taxes. The IRA Charitable Rollover provision, established under the Pension Protection Act, allows individuals who have reached age 70½ to donate up to $100,000 to charitable organizations directly from their IRA, without treating the distribution as taxable income. In order to qualify, contributions must go directly to a public charity and be made from traditional IRAs or Roth IRAs. Donors may receive no goods or services in return for their contributions, and must obtain written documentation of their contribution from each recipient charity.

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