On December 19, 2014, President Obama signed The Tax Increase Prevention Act of 2014 (H.R. 5771). 
One provision of this Act allows individual retirement account (IRA) owners, age 70 1/2 or older, to make tax-free distributions from these accounts directly to qualified charitable organizations, such as a 501(c)(3). 
This rollover option is, however, only effective from January 1, 2014 (retroactively) through December 31, 2014.

As with some previous legislation, this distribution will not be included in your taxable income and does not qualify for an upfront charitable contribution deduction. Such transfers, however, would fulfill some or all of your 2014 required minimum distribution (RMD).

Time is of the essence—you only have a few days to take advantage of this tax-saving opportunity.  CLICK HERE   to see a sample letter that you may send to your plan custodian today.

For more information, please call your income tax adviser or CPA.  For an appointment to update or revise your estate plan, to create a new IRA trust to protect your heirs from the effects of the Clark case, or to create a living trust call 610-933-8069.
David M. Frees, III
Douglas L. Kaune
Whitney P. O’Reilly
David M. Frees, III
Connect with me
Attorney, Speaker and Author
Post A Comment