There is still time for individuals who are 70.5 years or older to roll over up to $108,000 from an individual retirement account (IRA) directly to a qualifying charity without recognizing the distribution to the charity as taxable income. If married, each spouse can transfer up to $108,000 per year from his or her IRA.
The Charitable IRA Rollover is a boon to local charities. It allows taxpayers age 70.5 and older to share their wealth by giving retirement savings directly to charity—and bypassing income tax.
Find the complete information on page 1A of the Jan. 15 edition in the Wayne Herald or subscribe today by clicking here.
