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The end of the year is quickly approaching which means that more than likely you have a lot of tasks you need to check off your list before the clock strikes midnight on December 31. Before that time, we wanted to make you aware of a recent federal deadline that you may not have heard until now.
On December 19, President Barack Obama signed the 2014 IRA Charitable Rollover Bill. Individuals aged 70 ½ and older are required to take distributions from their IRAs, known as required minimum distribution or RMD. Typically the distribution is taxable, but another option is now available.
By using qualified charitable distribution, you can direct your IRA custodian to distribute up to $100,000 to a public charity of your choice, such as Lions Pride, without having to count the distribution as income. The taxpayer does not get a charitable deduction but still benefits since the distribution never counted as income.
All taxpayers will need to act quickly because the extension is only until December 31, 2014.
To learn more about the IRA Rollover Extension or ask questions, please contact us at the Lions Pride office by email or phone (715) 677-7000.