If you're in a charitable mood this holiday season, and you have plentiful assets built up in an IRA, you may want to watch Congress in the coming weeks. The provision allowing older folks to donate up to $100,000 from an IRA to a charitable institution without reporting those funds as taxable income, which expired at the end of 2013, may be coming back.
That IRA rollover tax break was enacted in 2006, and has been extended a few times since then. In the past, even if it's extended after the New Year, it has been made retroactive, so the provision could very well still be applicable to the 2014 tax year.
The rollover has always been limited to people who are 70 and a half or older, who are required to take annual minimum distributions from their IRAs. But the charitable contribution can count toward that required minimum, and you can take the charitable contribution on your taxes even if you don't otherwise itemize deductions.
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