Early Gift for Taxpayers – PATH Act Passed

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Taxpayers received an early gift last week when the Protecting Americans from Tax Hikes (PATH) Act of 2015, also commonly referred to as the “extenders tax act,” was signed into law. This legislation permanently allows IRA participants over age 70½ to make annual tax-free distributions from their IRAs for charitable purposes.

Beginning immediately, a taxpayer, via direct transfer by the IRA trustee, can give up to $100,000 per year to the charitable organization of their choosing tax-free. The amount so distributable can count toward meeting a participant’s “minimum required IRA distribution,” but the amount so distributed will not be included …read more

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