A bill has been introduced in the house that will impact a certain kind of IRA rollover. “A life-income charitable individual retirement account rollover bill (HR5171) (The Legacy IRA Act) has just been introduced this morning by House Ways and Means Committee members Peter Roskam (R-IL), Earl Blumenauer (D-OR), Erik Paulsen (R-MN) and Pat Tiberi (R-OH).” This article discusses the current law as it has functioned since the PATH Act of 2015 and the type of changing being proposed in the House of Representatives. “The expansion in the Legacy IRA bill authorizes tax-free IRA rollovers for gifts that benefit charities and provide taxable retirement income—charitable life-income plans—for the donors.” The details of the changes that are being proposed are explained in this column.
See Conrad Teitell, House Bill to Authorize Charitable Life-Income IRA Rollovers, Wealth Management, May 6, 2016.
