Blog Entries - Dec. 2014
The Tax Increase Prevention Act of 2014 signed by President Obama on December 19, 2014 allows IRA owners who are at least 70½ years old to give up to $100,000 directly from an IRA to a charity without having to include the distribution in taxable income for the 2014 tax year. The provision is retroactive to January 1, 2014, and expires December 31, so decisions must be made quickly.
Donating IRA funds directly to qualified charities allows the IRA holder or beneficiary to avoid taking possession of the funds and the tax bill that comes with them. It also allows the extra income to be excluded from tax formulas for Medicare premiums or for the Pease limitation on itemized deductions.
In brief, a qualified charitable distribution (QCD) from an IRA can be made only by an IRA owner or beneficiary age 70½ or older, and can total up to $100,000. A spouse age 70½ with an IRA could give up to $100,000 as well. A QCD can be used to meet your required minimum distribution. The funds, which cannot come from active SEP or SIMPLE IRAs, must be sent directly to the qualified (IRS-approved) charitable organization.
This year Brandon's Foundation awarded its first research grants. During the December 4th Happy Hour at The Phoenix in downtown Cincinnati, the researchers who
Seeking the perfect holiday gift? Thinking of popping the question within the next few months? During December 2014 - Now through New Year's Eve - Schwartz