Bill Introduced to Make Charitable IRA Rollover Permanent
The Public Good IRA Rollover Act of 2013 (S. 1772) has been introduced by New York Senator Charles Schumer to the Senate Finance Committee. The bill’s goal is to “expand tax-free distributions from individual retirement accounts for charitable purposes.”
As our previous blog post communicated (https://paynewealthpartners.com/blog/the-charitable-ira-rollover/), the Charitable IRA Rollover is set to expire on 12/31/2013. This bill proposes a permanent extension of the Qualified Charitable Distribution (more commonly known as the Charitable IRA Rollover). Although the bill would also allow tax-free lifetime transfers to other charitable split-interest entities, the real benefits of such transfers are questionable at this time.
More details can be found here: http://ow.ly/rAX3J
Posted: December 13, 2013
Authored by: Terry Prather, CFP®, ChFC®
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