IRA Rollover

Gregory Johnston

 

In December 2015, Congress made some popular charitable giving tax incentives permanent--including the charitable IRA rollover incentive. Now donors can now plan their giving through IRA rollovers any time of the year. 

© Lorianni | Dreamstime Stock Photos

Congress has renewed the Charitable IRA Rollover for 2015.

The charitable IRA rollover, or qualified charitable distribution (QCD), is a special provision allowing certain donors to exclude from taxable income -- and count toward their required minimum distribution -- certain transfers of Individual Retirement Account (IRA) assets that are made directly to public charities, including Northwest Public Radio through the WSU Foundation.

Donors age 70-1/2 or older can use this popular option to support charities with tax-wise gifts of up to $100,000. Rollovers can count toward your minimum required distribution.

Congress has yet to take action on a bill that would reinstate the IRA Charitable Rollover, which offers tax savings for some donors 70 1/2 and older.

The bill that includes the IRA Charitable Rollover has been with the U.S. Senate since early August. It is part of a bill that includes other expired tax provisions.

We will continue to monitor the bill's progress and provide you with updates on this page and on air.