Retired? Feeling charitable? The feds keep you on your toes as popular giving option of IRA-direct-to-charity hasn't been renewed for 2014 yet.
"On Dec. 31, a popular charitable-giving perk expired: It lets people who are at least 70½ years old donate as much as $100,000 a year from their individual retirement accounts to tax-qualified charities, count the donation as their required annual IRA distribution—and avoid reporting it as income or paying tax on that amount.... The perk has expired every year for the past few years and then been resurrected by Congress later. 'Since 2006, there's never been a time it wasn't in effect, but it's always gone into effect retroactively,' says Richard Fox, a partner at Philadelphia law firm Dilworth Paxson, where he heads the philanthropic and nonprofit practice.... If you're undecided, 'maybe the best thing to do is to wait until there's more guidance,' he says. If you're inclined to give, do it anyway, he says—just make sure you follow the rules that have applied in past years." -- Kelly Greene, the Wall Street Journal