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Important news for
Family Life Radio
listeners over 70!
The extension of the so-called “IRA charitable rollover” has just been approved by Congress for the 2014 tax year. Congress reinstated the charitable rollover retroactive to January 1, 2014, but it will expire once again on December 31. Under the law, taxpayers age 70 ½ or older can give up to $100,000 from their IRAs or Roth IRAs to qualifying charities without having to pay income tax in 2014 on the withdrawn amount—with the distributions also counting toward the IRA holders’ annual minimum required distributions (MRDs).