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.