The recently enacted Tax Increase Prevention Act extends the provision that allows certain IRA owners to make tax-free distributions to charity. However, there is a limited time to make the transfers, the IRS reminded taxpayers.
The extension applies for the 2014 tax year, which means that taxpayers have until Dec. 31, 2014, to complete their transactions. With the retroactive renewal of the provision, any eligible IRA distribution during 2014 properly transferred to a qualified charity counts as a qualified charitable distribution.
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