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Submitted By: Many readers
Answered: November 23, 2015 11:43 am
Answered: November 23, 2015 11:43 am
Is the tax-free direct transfer from an IRA to a public charity by those who are at least age 70½ available for 2015?
This rule expired at the end of 2014 and has not yet been extended for 2015. Many believe it will be extended, but it is advisable to wait until later this year to see what Congress does before making any such transfer.
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Tax Glossary
Deductions
Items directly reducing income. Personal deductions such as for mortgage interest, state and local taxes, and charitable contributions are allowed only if deductions are itemized on Schedule A, but deductions such as for alimony, capital losses, moving expenses to a new job location, business losses, student loan interest, and IRA and Keogh deductions are deducted from gross income even if itemized deductions are not claimed.
