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Advocacy Blog
Friday, April 22, 2005
IRA Rollover Legislation Introduced in House
On Wednesday, April 13, 2005, Representatives Wally Herger (R-CA) and Earl Pomeroy (D-ND) introduced a stand-alone IRA charitable rollover bill. H.R. 1607, the "Public Good IRA Rollover Act," allows individuals to contribute amounts currently held in IRA accounts directly to qualified charities without having to first recognize the income for tax purposes and then take a charitable deduction. For an outright gift to a charity, a person must be at least 70 1/2. For split-interest gifts (i.e. charitable remainder trusts, pooled income funds, charitable gift annuities), a person must be at least 59 1/2.
Posted by Jennifer Lowe
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