St. Luke's United Methodist Church

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9:30 & 11:00 a.m. - Contemporary

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4851 S. Apopka-Vineland Road
Orlando, FL 32819
407.876.4991

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Reminder for IRA Owners Age 70.5 or Over

Posted on December 28, 2014 at 7:26 pm in .

According to the Internal Revenue Service, certain owners of individual retirement arrangements (IRAs) have until December 31, 2014 to make tax-free transfers to eligible charities and have them count for tax-year 2014.  An IRA owner, age 70½ or over, can directly transfer, tax-free, up to $100,000 per year to an eligible charity. This Act is retroactive for all of 2014. The legislation does not include any special provisions for relief associated with the fact that the legislation was passed at the very end of the year to which it applies.  Some taxpayers who meet the criteria for making direct charitable distributions from their IRAs may realize a substantial tax benefit by taking advantage of this opportunity before the end of the year.  If you believe that such a gift may be appropriate for you, we encourage you to promptly consult with your tax adviser and IRA custodian.

 

 

 


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