IRA Charitable Rollover Legislation Signed
Today, President Barack Obama signed legislation to reinstate retroactively the IRA charitable rollover. While the timeline for making IRA charitable rollover gifts is tight (the reinstatement expires January 1, 2015), it is not too late to let your donors know that they still have time to take advantage of this gifting opportunity. The provision allows each IRA owner who is 70 1/2 or older to make direct transfers of up to a total of $100,000 per year to one or more qualified charities. The IRA charitable rollover is tax-free and not included in adjusted gross income. For more information and planning thoughts, please watch the video presentation from Emanuel J. Kallina II, J.D., LL.M., Managing Member of Kallina & Associates, LLC and ACGA Board member.
As a reminder, the IRA rollover provision excludes IRA transfers to fund charitable gift annuities.
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