There have been some charitable provisions that have been extended permanently in the recent Protecting Americans from Tax Hike Act of 2015. “An individual age 70½ or older can make direct charitable gifts from an individual retirement account, including required minimum distributions, of up to $100,000 each year to public charities (other than donor advised funds (DAFs) and supporting organizations) and not report the IRA distributions as taxable income on his federal income tax return.” This new legislation which has no expiration date has been in effect since January 1, 2015. This article also discusses how the new legislation will impact S Corporations that make charitable contributions. It also explains the requirements of eligibility for the enhanced deduction, and also touches on qualified conservation contributions. It would be a wise decision to meet with an estate planning professional to learn more about how these new changes will impact you.
See Conrad Teitell, Charitable Deduction Laws Now Permanent, Wealth Management, February 5, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
