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Sandusky, Ohio Office
422 West Market Street
Sandusky, OH 44870
419-625-4942
866-293-2727
FAX: 419-625-7120
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Norwalk, Ohio Office
257 Benedict Avenue, Building D
Norwalk, OH 44857
419-668-2552
800-860-0152
FAX: 419-663-3637
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Monday–Friday: 8 am – 5 pm
   
Fridays from May 1 through
Labor Day we close at noon.

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Permanent Extension of Nontaxable IRA Transfers to Charity

March 09, 2016
Payne, Nickles & Company

Many retirees will pleased to know that, as part of the recent tax extenders bill, Congress has permanently allowed the tax free transfer of IRA distributions to qualified charities.  For the last few years, taxpayers who are over age 70 ½ were permitted to make up to $100,000 of direct transfers from Individual Retirement Account to qualified charities without having to include the distribution in income. 

 

Without this tax break, taxpayers who wished to make a charitable contribution would have had to include the required minimum distribution from their IRA in income and then claim the charitable contribution deduction as an itemized deduction.  The new law provides a double benefit to many taxpayers because it saves on state income taxes and does not require them to itemize in order to benefit on federal taxes.

 

If you are interested in learning more about nontaxable IRA transfers or any other items included in the extenders bill that may affect your income tax situation, please give us a call.     

 

Treasury Circular 230 Disclosure

Unless expressly stated otherwise, any federal tax advice contained in this communication is not intended or written to be used, and cannot be used or relied upon, for the purpose of avoiding penalties under the Internal Revenue Code, or for promoting, marketing, or recommending any transaction or matter addressed herein.