Dear TEAM 88.3:
Our accounting firm has asked us to advise our supporters of the following newly enacted legislation right away as time is of the essence to take advantage before year’s end. On the other hand, we also understand that many may not qualify as one needs to be 70 ½, or older, and own an IRA to qualify for this significant tax savings. If so, please remember the ministry of Z radio. For the rest, including myself, you can skip it and here’s wishing you a wonderful and glorious Christmas!
Congress has passed and President Obama has signed last-minute legislation that re-extends through 2014 the exclusion for direct charitable IRA distributions by taxpayers 70½ years old and older. That exclusion had expired as of December 31, 2013. The renewal is retroactive for all of 2014. The legislation does not include any special provisions for relief associated with the fact that the legislation was passed at the very end of the year to which it applies.
Some taxpayers who meet the criteria for making direct charitable distributions from their IRAs may realize a substantial tax benefit by taking advantage of this opportunity before the end of the year. For taxpayers who qualify, up to $100,000 per taxpayer may be excluded from income under this provision of the law. If you believe that such a gift may be appropriate for you, we encourage you to promptly consult with your tax advisor and IRA custodian, as this limited window of opportunity in the tax law expires under current law at the end of this month – December of 2014. Also, please let us know if we can help you facilitate such a gift in any way by contacting Judy Wise at Judy.Wise@Zradio.org.
Thank you for your faithful support of Z88.3.