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IRA Charitable Rollover Made Permanent

Saturday, December 19, 2015

On December 18th, 2015, the President signed into law the Protecting Americans from Tax Hikes (PATH) act, which includes a permanent extension of expired tax provisions retroactive to January 1, 2015. This reauthorizes the Charitable IRA Rollover. Individuals may now take advantage of the opportunity to make an Charitable IRA Rollover (also known as a Qualified Charitable Distribution) - a nontaxable distribution made directly by the administrator of an IRA to a qualified public charity.

Qualified Charitable Distribution benefits include:

1. The gift comes from an individual’s IRA, using pre-tax dollars.

2. The gift amount is excluded from taxable income.

3. The gift amount can be applied towards this year's minimum distribution requirements.

Basic requirements and limitations for a Qualified Charitable Distribution include:

  1. The donor must be at least 70½ years of age at the time of the distribution.
  2. The distribution must be from a Roth or Traditional IRA.
  3. The distribution must be made directly from the IRA administrator to a qualifying charity (gifts made to a donor-advised fund, supporting organization, or private foundation do not qualify).
  4. Qualified Charitable Distributions are limited to $100,000.00 per individual per year (a spouse who qualifies may give a similar amount from his or her IRA).

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