Nonprofits may be interested to know that Congress is being urged to make permanent the expired charitable IRA rollover provision and expand it to include rollovers to life-income plans, such as charitable gift annuities and charitable remainder trusts.
“Let’s win this one for the giver,” he wrote. “Make permanent now the expired law that allows generous individuals 70 1/2 or older to contribute up to $100,000 annually from their IRAs directly to public charities.
“Actually, the real winners are the Americans who are served by our nation’s charities.
“The federal government is also a winner. Americans making gifts to charity provide funds to meet needs that in many cases would otherwise be a function of government.”
Read the complete text of Teitell’s letter here.
Photo of Conrad Teitell