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IRA Rollover Approved by Congress, Heads to White House For Signing

The IRA Rollover was approved by Congress as part of a bill a tax extenders package, H.R. 5771, the Taxpayer Increase Prevention Act.

However, the bill only provides for a one-year retroactive extension of the rollover provision, making it in effect until the end of 2014.

Last week, the House fell a few votes short of approving a bill that would have made the IRA Rollover provision permanent. With Congress and the White House unable to reach agreement on that bill, lawmakers turned to H.R. 5771 and a one-year extension of several business and giving provisions.

The bill now heads to the White House where indications are it will be signed into law.

This provision extends through 2014 the ability of individuals at least 70½ years old to exclude from gross income qualified charitable distributions from individual retirement accounts. The exclusion may not exceed $100,000 per taxpayer in any tax year.

AFP will keep members apprised of the situation should any grassroots action be needed. 

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