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Last month, Congress approved and President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 ("PATH"), which made the IRA Charitable Rollover a permanent charitable incentive.
The IRA Charitable Rollover Incentive allows IRA owners 70-1/2 and older to transfer up to $100,000 directly from their IRA to qualifying charities of their choosing. The transfer will count toward the donor's annual required minimum distribution from his/her IRA without being included in the donor's taxable income.
Previously, the IRA Charitable Rollover was extended by Congress on an annual basis. The extensions, however, were typically not announced until late December, making it difficult for charitably-inclined IRA owners to organize end-of-year distributions.
With the permanent extension of the IRA Charitable Rollover, now IRA owners can better plan their IRA annual required minimum distributions and their annual charitable contributions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
