Late last night, Congress passed legislation allowing tax-free distributions from IRAs for charitable purposes.
Congress extended tax breaks for 2014, allowing donors to do an IRA charitable rollover for the 2014 tax year. With this measure, anyone over 70-1/2 may take tax-free distributions of up to $100,000 from a traditional IRA, if the money is distributed directly to an eligible charity.
The new law applies retroactively to charitable IRA distributions made earlier this year and to those made through Dec. 31.
For more information contact your financial advisor.