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ARTICLE · 19 DECEMBER 2014

IRA "Charitable Rollover" Retroactively Extended Through 2014

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As a part of the so-called "Cromnibus" bill, Congress has extended dozens of expired "temporary" tax breaks for 2014.

United StatesTax
Eric Gregory
Eric Gregory
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Background

As a part of the so-called "Cromnibus" bill, Congress has extended dozens of expired "temporary" tax breaks for 2014. Included in that group is a rule that allows for tax-free treatment of certain "qualified charitable distributions" from IRAs where the distributions are donated to charity. The bill only extends this tax break until December 31, 2014.

"Qualified Charitable Distribution"

Specifically, a taxpayer may exclude from gross income the aggregate amount of his or her "qualified charitable distributions" that do not exceed $100,000 in a tax year. A "qualified charitable distribution" is any otherwise taxable distribution from an IRA that is:

  1. made directly by the IRA trustee to a public charity (not a private foundation or donor advised fund at a public charity); and

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