Congress has renewed a charitable rollover provision for individual retirement accounts (IRAs) that applies to people age 70-and-a-half and older.\u00a0 The provision had expired and has now been renewed through the end of 2013.\u00a0 The provision has several tax benefits.<\/p>\n
IRA owners who meet the minimum age requirement can donate up to $100,000 directly from their retirement account to charities such as churches, schools and other nonprofit organizations \u2013 although not most private foundations.<\/p>\n
The gift cannot be claimed as a charitable deduction on the IRA owner’s tax return, but there are other benefits.\u00a0 The donation does not count as taxable income, but does count as part of an IRA owner’s required annual withdrawal.\u00a0 The donation does not raise adjusted gross income, so it will not affect Social Security benefits or Medicare premiums.\u00a0 Eligibility for several other taxes and tax benefits are determined by adjusted gross income, such as a new phasing out (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Congress has renewed a charitable rollover provision for individual retirement accounts (IRAs) that applies to people age 70-and-a-half and older.\u00a0 The provision had expired and has now been renewed through the end of 2013.\u00a0 The provision has several tax benefits.…<\/span><\/p>\n