New law allows people 70.5 years and older to make tax-free donations

Federal legislation signed into law Dec. 18 now allows individuals age 70.5 and older to make charitable donations from their traditional and Roth Individual Retirement Accounts (IRA) tax-free, according to an announcement from the Archdiocese of Louisville.

The new law allows for up to $100,000 to be transferred directly from these accounts to one or more qualified charities, such as the Archdiocese of Louisville or a parish, free of federal taxes each year, the announcement said.

Funds given to charitable organizations count toward the yearly required IRA minimum withdrawal. For more information, call Erin Zuber at 585-3291 ext. 1128, or speak to an IRA administrator or tax advisor.

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