Qualified Charitable Distributions Extended for 2014 |

Qualified Charitable Distributions Extended for 2014 | Retirement Planning content from WealthManagement.com.

President Obama signed the Tax Increase Prevention Act of 2014 (TIPA)1on Dec. 19, 2014, extending qualified charitable distributions (QCDs) for 2014.

Since 2006, individual retirement account owners over age 70 ½ have been able to direct that up to $100,000 of their IRAs be distributed each year directly to a public charity other than a donor advised fund.  This is called a QCD.2

A QCD counts toward the required distribution.  It’s not included in income, nor does it qualify for a charitable contribution deduction.  The provision for QCDs had expired at the end of 2013.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s