On December 16, the Senate passed HR 5771, which included a one-year extension of expired tax provisions retroactive to January 1, 2014. Upon the President's signature, expected, December 17, this reauthorizes the IRA charitable rollover – but only through December 31, 2014.
"This is a powerful and limited opportunity. The window is open now, but closes in just two weeks at the end of the year," says Sheryl Aikman, CFWNC's Vice President of Development. "For many people, this is an incredible opportunity to make a significant gift. Because the time to do so is very short, anyone wanting to give using IRA assets needs to act immediately."
Donors age 70 1/2 and older may transfer up to $100,000 from their IRA to a qualified public charity. The transfer will be made free of federal income tax and the gift qualifies for the donor's 2014 required minimum distribution (RMD). Donor advised funds do not qualify for tax-free IRA transfers. To learn more, contact us at 828-254-4960 and speak with Becky Davis or Sheryl Aikman.