Seeking to put God's love into action, Habitat for Humanity brings people together to build homes, communities and hope.
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IRA Charitable Distributions Rollover Extended for 2014
President Obama signed the Tax Increase Prevention Act of 2014 (TIPA)1 on Dec. 19, 2014, extending qualified charitable distributions (QCDs) for 2014.
Since 2006, individual retirement account owners over age 70 ½ have been able to direct that up to $100,000 of their IRAs be distributed each year directly to a public charity other than a donor advised fund. This is called a QCD.
A QCD counts toward the required distribution. It's not included in income, nor does it qualify for a charitable contribution deduction. The provision for QCDs had expired at the end of 2013.
Qualified Charitable Distributions (QCDs) allow individuals age 70½ and older to withdraw up to $100,000 from a Traditional or Roth IRA and donate it directly to a qualified charity such as Lancaster Area Habitat for Humanity. The benefit is that the amount donated is federal income tax free and can be used to satisfy your Required Minimum Distribution for the year.
To be eligible for the tax free consideration:
To make your charitable distribution to Lancaster Area Habitat for Humanity, please contact the administrator of your IRA or for more information about Planned Gifts and Endowment Giving, contact Stacie or Michele at the Habitat office, 717-392-8836 or email firstname.lastname@example.org. Thank you!