Charitable IRA Rollover Gifts
The Charitable IRA Rollover Provision Has Expired
The Charitable IRA Rollover legislation expired December 31, 2013, and to date Congress has not reauthorized this provision for 2014. This means that, at this time, individuals cannot make a gift from their IRA accounts directly to the charity of their choice without paying income taxes on the amount withdrawn.
Will Congress extend the rollover option through 2014?
And if so, when?
Based on past experience, reauthorization may well happen. However, reenactment of the law has often occurred very late in the calendar year, when many have already withdrawn taxable funds from their IRA—funds that could have been rolled over directly to CRS as a tax-free charitable contribution.
What can I do in the meantime?
Given the uncertainty of reauthorization by the U.S. Congress, we are suggesting that you keep your charitable intentions in mind as you time your IRA withdrawls for the year. If and when reauthorization occurs, you will be able to consider the option of a charitable IRA rollover gift in 2014. As always, we encourage you to review any important decisions involving your IRA funds with your financial advisors.
Please bookmark this page and continue to check back with us for updates!
We are monitoring congressional tax legislation and will continue to post updates on the Charitable IRA Rollover provision as soon as we receive them.
We're here to help:
Richard Balmadier, Director of Planned Giving
Phone: 1-800-235-2772; at the prompt, dial extension 7251