Over the weekend, the President signed The Protecting Americans from Tax Hikes Act of 2015. The Act is a culmination of recent work done in both chambers of Congress that renews and makes permanent several important tax incentives.
Among the incentives, the popular Qualified Charitable Distribution (QCD) was extended. The QCD gives individuals at least 70½ years of age the ability to exclude from gross income direct transfers from Individual Retirement Accounts (IRAs) of up to $100,000, per taxpayer, to qualifying charities.
IRA account holders over 70 ½ years old will have until the end of 2015 to make a QCD for 2015. Please contact Ambassador Advisors, ASAP, if you would like to make a Charitable Distribution from your IRA for 2015.
Other provisions made permanent are:
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