GOOD NEWS FOR VISIONARY PHILANTHROPISTS: Both the U.S. House and Senate have approved the “Tax Increase Prevention Act of 2014.” The President is expected to sign the bill this week. An important part of the bill allows donors who are 70 1/2 or older to make charitable contributions directly from their IRAs to qualified charitable organizations such as Austin Grad. The bill allows gifts that have already been made from IRAs during 2014 to qualify. These gifts, known as “qualified charitable distributions,” may be made until December 31, 2014. There is likelihood that this provision may be made permanent during 2015 rather than approved on a year to year basis like in the past. Details of the IRA Charitable Rollover Gifts: • Donor must be at least 70 ½ years old. • Qualified charitable distributions may be up to $100,000. • If joint returns are filed, a spouse may also give up to $100,000 from their IRA. • The qualified charitable distribution also counts toward the required minimum distrbution that must be drawn annually from the IRA. • Donor should instruct the IRA manager to send the distribution directly to the charitable organization by December 31st. • Donor does not claim a charitable deduction for the qualified charitable distribution inasmuch as it is not counted as personal income. We wish to thank those who have already made IRA Charitable Rollover gifts to Austin Grad and to those who will do so before December 31st. austingrad.edu/about-us/donate ~Neil Haney, director of Development
Posted on: Thu, 18 Dec 2014 20:58:12 +0000
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