IRA Charitable Rollover Expiring December 31!

November 13, 2013

As 2013 winds to close, a significant charitable giving incentive is also nearing its expiration date. The IRA Charitable Rollover provision was reinstated in the broad deal passed by Congress earlier this year, but it will once again expire on December 31, 2013.

This provision has proven to generate new and increased charitable donations for orchestras in the years it has been available. In the course of its history, the IRA Rollover has expired and been renewed several times, leaving many donors confused about the status. The provision has been reinstated through the end of 2013, meaning that donors aged 70 ½ and older can instruct their IRA administrators to make tax-free distributions of up to $100,000 directly from their IRAs to charitable organizations through December 31, 2013.

It is always wise to advise donors to contact their IRA administrator and/or tax advisors for more detail as you inform them that this important charitable giving incentive is still available for the next several weeks.What’s next for 2014? Policy leaders in Washington tell us that a provision to extend the IRA Rollover into 2014 is not likely to gain steam until well into the 2014 calendar year, as Congress is currently committed only to addressing tax provisions through “comprehensive reform.” Please feel welcome to be in touch with the League's DC office with any questions, and stay tuned, as we will keep you informed of further policy developments!