Monday, December 16, 2013
The IRA tax provision permitting those older than 70 1/2 with individual retirement accounts to save on taxes when making a charitable donation is expiring soon. Individuals that make charitable contributions up to $100,000 in IRA assets can do so without reporting the withdrawal as income. The provision expires on December 31, 2013, but Congress has the authority to reauthorize the tax break. Congress has reauthorized the IRA tax provision three times in the past so many believe they will resurrect it for a fourth time.
See Anne Tergesen, Tax Break for IRA Gifts Expires Soon, The Wall Street Journal, Dec. 15, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.