IRA Roll-over

Congress has passed a one year extension of the IRA charitable rollover. This provision, which had expired at the end of 2013, will now be effective retroactive to January 1, 2014, but only until the end of THIS year (12/31/14). Donors age 701/2 and older may transfer up to $100,000 from their IRA to a qualified public charity such as First Congregational Church. The transfer will be made free of federal income tax, and the gift qualifies for the donor's 2014 required minimum distribution (RMD). If you wish to direct an IRA distribution to our church please contact treasurer@firstcongmadison.org soon, as it can take some time for these distributions to be processed. Some of you have already made direct charitable gifts from your IRA in 2014, hoping/assuming that this provision would be extended. Be sure to inform your tax preparer that you took advantage of the IRA charitable rollover, so that you get the proper treatment on your 2014 tax return.

 

Posted on December 23, 2014 at 11:15 am in Featured.

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