2014 IRA Charitable Rollover Approved by Congress

The Tax Increase Prevention Act of 2014 was signed into law on December 19.

With a deadline of December 31, 2014, there is a short period of time available for our donors to complete an IRA Charitable Rollover gift, so we are sharing this information with you immediately.

What is it?

Individuals age 70½ or older can make tax-free gifts totaling up to $100,000 from an IRA account directly to Peoria Public Radio by December 31, 2014.  If your spouse also qualifies and has IRA accounts, you may each make a gift in this manner. While you cannot claim a charitable deduction for IRA gifts, this distribution counts toward your minimum required distribution and does not trigger federal income tax, thus it may help reduce your income tax bill for 2014 and give you another way to make a gift.

We encourage you to contact your professional advisors and your IRA provider to consider the IRA Charitable Rollover. If you need additional assistance or plan to complete an IRA Charitable Rollover for Peoria Public Radio by December 31, please let us know by calling 800-327-7886 or 309-677-3661.

Thank you for considering a gift to Peoria Public Radio.