Portrait of smiling seniors enjoying spending time together

We have had clients patiently waiting to see if Congress would reinstate the popular IRA charitable rollover for 2015.  The good news today is that they probably will (they hope to get this done by 12/25/2015).  The bad news is that most of our clients grew weary of waiting on Congress and have already taken their required minimum distribution (RMD) from their retirement accounts.  Many of these clients are charitably inclined and would have sent some of all of their RMD to their favorite charity, but since the IRS imposes such an egregious penalty of 50% of the RMD if not taken out by 12/31/2015, most have taken their RMD.  The real losers here are all the non-profits who will miss out on most of these contributions in 2015.

If you haven’t taken your RMD for 2015 and want to donate it to a charity, call your advisor today!  The donation must come directly from your retirement account custodian to the charity and the time period to do this (if passed by 12/25) may only be 4 calendar days.

Click link below for Forbes’ article on the situation:



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