IRA Rollover, Anytime Soon?

Sorry, we are looking again at a resolution of the various expired tax extenders (including the IRA giving law) being taken up after the November election.  Click here for Forbes’ update on this issue but it is not anything we haven’t seen before.

Congress will most likely retroactively re-enact all or most of the so-called tax extenders in late November or December, create a little havoc with those trying to use the laws for 2014 and we’ll be back in 2016 with the same issue.  Sorry the news doesn’t provide any more clarity on the topic.  If you have donors interested in using IRA giving in lieu of their RMDs in 2014, the best advice is to hold off on withdrawing anything from your IRA until the last moment.  If the law is retroactively enacted, those who waited until the end of the year to withdraw RMDs will likely have the ability to avoid taxable RMD income with an IRA gift.  Others?  Not necessarily.






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