Submitted By: Susie
Answered: June 10, 2016 11:24 am

Is the qualified charitable transfers for IRAs still an option?

Yes. As part of the PATH Act, signed into law on December 18, 2015, the tax-free treatment applies to transfers from IRAs to public charities up to $100,000 per year by those age 70-1/2 and older applies for 2015 and future years; the exclusion has been made permanent. However, if someone failed to make such a transfer in 2015, there is no grace period; tax-free transfers for these people will have to wait until 2016.

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Tax Glossary

Capital gain or loss

The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.

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