Federal Tax Change Encourages Charitable Giving

by SAH News | Jul 11, 2016
Under the Protecting Americans from Tax Hikes Act of 2015, any person who is over 70½ can donate to their favorite nonprofit, such as SAH, without triggering any federal income taxes. Under the Qualified Charitable Distribution provision, a person can make a gift from an IRA directly to a charity like SAH rather than withdrawing the money and paying taxes on it. The change makes it easier for seniors to plan their giving over the course of a year and to avoid paying taxes on required distributions from their IRAs. We hope our qualified members will keep SAH in mind as they plan their minimum distributions this year and as they make their estate plans. Please consult your financial advisor for rules and further information.
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SAH thanks The Richard H. Driehaus Foundation Fund at The Chicago Community Foundation for its operating support.
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