IRA Qualified Charitable Deductions
In December of 2015, both the Senate and House passed the Protecting Americans From Tax Hikes Act of 2015 (H.R. 2029). The bill makes permanent the IRA Charitable Rollover for persons aged 70 1/2 or older. Depending on the type of Individual Retirement Account (IRA) you have, you may be eligible to make a direct transfer of up to $100,000 per year to a qualified charity. The IRA Qualified Charitable Deductions (QCDs) are tax-free and not included in adjusted gross income. Consult a financial advisor for more information and to see if this option benefits you.
This is an easy way to increase the impact of your gift. Check with your employer to see if they match employees’ charitable donations. Typically your employer will have a form you can request and complete.