As the end of 2014 approaches, this is a perfect opportunity to make direct, tax-free transfers to ROCO directly from your IRA. On December 19th, President Obama reinstated a law, H.R. 5771, the “Tax Increase Protection Act of 2014″, allowing you to make a beneficial gift to ROCO directly from your IRA until December 31, 2014.
How It Works
- If you are 70-and-a-half or older, you can give up to $100,000 directly from your IRA to charitable organizations, like ROCO.
- The transfer generates neither taxable income nor a tax deduction, so you stillbenefit even if you do not itemize your tax deductions.
- If you have not taken your required minimum distribution for the year, yourgift can satisfy all or part of that requirement.
If you have already made this type of gift in 2014, you’re in luck, the bill is retro-activefor all of 2014. If you have been waiting to make your IRA transfer, you must act before December 31st to take advantage of this opportunity. If you have check writing privileges on your IRA account this may be the most effective way to make your gift given the short time frame.
Or contact us to discuss making your tax-deductible IRA donation.