You may already be aware of the significant tax implications of the now-permanent IRA Charitable Rollover Act. If you are 70 ½ or older, you can give from your individual retirement account (IRA) to charity AND receive significant tax benefits in return.
The House of Representatives is now considering legislation that will expand the number of tax-wise giving options available to you. If passed, the Legacy IRA Act (H.R. 1337) would permit you to give from your IRA in a way that would also provide you with income for life.
Part of a follow-up bill to the Tax Cuts and Jobs Act, the Legacy IRA Act allows tax-free distributions, up to $400,000, from IRAs to a split-interest entity – including charitable gift annuities, charitable remainder trusts and charitable annuity trusts – until December 31, 2021.
This bill would significantly increase tax benefits for generous individuals like you, ultimately resulting in more funding available to your favorite Kingdom causes.
Help build support for the ministries dear to your heart by encouraging Congress to pass the Legacy IRA Act. Your voice matters – and now is a critical time to act!
The most effective way to support the passing of Legacy IRA Act is by contacting your local representative. Find your House Member's contact information by clicking on the button below and entering your zip code in the upper right corner.