Senate Passes IRA Rollover, Waiting for President’s Signature

Both the House and Senate have extended, retroactively for 2014, the IRA charitable rollover and certain other charitable benefits. The legislation is now awaiting the president’s signature, which is expected this week.

Some individuals, in anticipation that the extension would eventually be approved, already made a transfer from their IRA to one or more charities during 2014. Provided they met the qualifications for a rollover, which remain the same as before, their transfer will be treated as a qualified rollover.

Individuals who have not made a charitable transfer from their IRA can still do so if they act quickly. They should authorize their IRA administrator to make a transfer that must be completed by December 31. Those who have delayed taking their mandatory distribution are the ones most likely to be interested.