News : Senate passes Charitable Rollover; donations could add to tax benefits

The Community Foundation of Eastern Iowa, which works with the several local organizations on funding efforts, is spreading the news that recently-passed legislation could help add more tax benefits to those who make donations yet this year.

The U.S. Senate passed a bill that awaits the president's signature to extend the IRA Charitable Rollover for 2014. The president is expected to sign the bill in the coming days. The IRA Charitable Rollover allows Americans to give a gift from their retirement accounts (IRAs) to charity, tax free.
If you are interested in taking advantage of this unique opportunity, you must act quickly. This will only available for gifts made prior to December 31, 2014. The Community Foundation of Northeast Iowa recommends contacting your professional advisor to learn how you can best give back to the causes you care about through this timely opportunity. How does the IRA Charitable Rollover work?

• Individuals 70 1/2 and older can transfer up to $100,000 of IRA assets to public charities without being subject to federal income taxes on the distribution. This is retroactive from January 1, 2014 to December 31, 2014.
• You can establish a fund to support a charity of your choice. You can also make a gift directly to any of these already established funds.*
• Contact us for more information on how you may qualify for an additional 25% Iowa state tax credit in 2015 with an IRA Charitable Rollover contribution.

*IRA rollovers cannot be made to donor advised funds.