Senate Votes to Extend Charitable IRA Rollover
In an effort to encourage older Americans to give charitably out of their Individual Retirement Accounts, the charitable IRA rollover was enacted in 2006. This means that IRA owners age 70-1/2 or older can donate up to $100,000 per year directly from their IRA without paying taxes as income. Other charitable provisions that will be extended include conservation donations of land, and incentives encouraging farmers to donate to food banks.
These provisions, which had expired on December 31, 2013, would be retroactively extended until December 31, 2014. The House had voted to extend them this summer, and the Senate has passed it December 16. President Obama is expected to sign it into law.