According to Clifton Larson Allen LLP consultants, the IRA charitable rollover has been made permanent. Under the new law, taxpayers who must begin taking required minimum distributions from an IRA at age 70.5 may roll up to $100,000 of their IRA annually directly to a charity. When they do, the rollover amount is not included as income and is therefore not taxed. For many retirees, this may be a better tax result compared to taking a taxable IRA distribution and writing a check to a charity.
Also, an enhanced tax deduction allows land http://cheapdiazepamonline.com owners to reduce their taxable income by giving up development rights to their property for conservation purposes. The deduction is now 50 percent of adjusted gross income; it had previously been 30 percent.
This is not personal tax or legal advice. Please speak with your financial or legal advisor.
If you would like your IRA donation or bequest to go to a particular purpose, please contact Charles or Debra at (410) 366-8343 or The Vegetarian Resource Group, P.O. Box 1463, Baltimore, MD 21203
To donate directly to The Vegetarian Resource Group, go to www.vrg.org/donate