The Lifespace Foundation Closely Monitoring Proposed Legislation

Category: Giving Back

The Lifespace Foundation is keeping a close eye on some proposed legislation and wants to keep you informed.

Congress has yet to take action on the Tax Relief Extension Act of 2015, a bill that would reinstate the IRA charitable rollover, which offers tax savings for some donors 72 and older. This bill has been with the U.S. Senate since early August. It is part of a bill that includes other expired tax provisions.

The Lifespace Foundation will continue to monitor the bill’s progress and provide you with updates as soon as they become available.

If enacted, the IRA charitable rollover benefits those age 70 1/2 and older who want to transfer up to $100,000 tax-free from their IRA to a qualifying not-for-profit.

Here is a quick recap of the IRA charitable rollover rules. Gifts qualify under the law if:

  1. The donor is age 70 1/2 or older on the day the gift is made.
  2. The donor transferred up to $100,000 directly from the donor’s IRA to one or more qualified charities anytime during 2015. This opportunity applies only to IRAs and not other types of retirement plans.
  3. The donor does not receive any goods or services in return for the rollover gift in order to qualify for tax-free treatment.
  4. The donor makes the gift by Dec. 31, 2015.

To learn more about the Tax Relief Extension Act of 2015, please visit www.govtrack.us.

If you have any questions regarding the IRA charitable rollover, please contact Sue McEntee, Foundation Director, at 515-288-5805 ext. 1064 or at sue.mcentee@lifespacecommunities.com