). Is the exclusion from income available for IRA owners, regardless of their age? What was...

Transcribed Image Text:

). Is the exclusion from income available for IRA owners, regardless of their age? What was the initial expiration date for this provision? What is the current expiration date for this exclusion and what most recent Act of Congress made the change to extend the expiration date? . No, the code section states, "the deductions allowed to the taxpayer under section 219 for all. taxable years ending on or after the date the taxpayer attains age 70 %." This means that taxpayers age 70 % or older may make tax-free distributions of up to 100,000 per year from an individual retirement account to a qualifying charitable organization. The initial expiration date for this provision was for taxable years beginning after December 31, 2014. There is no expiration date for this provision as it was made permanent under the 2015 PATH Act.. ). Is the exclusion from income available for IRA owners, regardless of their age? What was the initial expiration date for this provision? What is the current expiration date for this exclusion and what most recent Act of Congress made the change to extend the expiration date? . No, the code section states, "the deductions allowed to the taxpayer under section 219 for all. taxable years ending on or after the date the taxpayer attains age 70 %." This means that taxpayers age 70 % or older may make tax-free distributions of up to 100,000 per year from an individual retirement account to a qualifying charitable organization. The initial expiration date for this provision was for taxable years beginning after December 31, 2014. There is no expiration date for this provision as it was made permanent under the 2015 PATH Act..

Answer rating: 100% (QA)

Answer Your response accurately addresses the questions regarding the exclusion ... View the full answer