IRA Charitable Rollover extended to 12/31/14

Giving a Gift

On December 16th, Congress passed a bill that included an extension for the IRA Charitable Rollover. This provision expired at the end of 2013 but has now been extended to December 31st, 2014, retroactive to January 1st, 2014.

The IRA Charitable Rollover allows individual taxpayers older than 70½ years to donate up to $100,000 to charities and ministries from their Traditional or ROTH IRA. This donation goes straight from the IRA to the charity – it is not first distributed to the IRA owner. Because the money goes directly to the charity, distributions made in this manner are not considered taxable income. Thus, by transferring part or all of your RMD to charity, you can effectively reduce your income tax while supporting your favorite ministries.

The IRA Charitable Rollover will expire in less than two weeks; as of right  now, it will not be available in 2015. If you would like to learn more about the charitable IRA rollover, please contact your local Financial Service Representative or send us a message.

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