August 1, 2012 – Senate Democratic and Republican leaders have reportedly reached an agreement that would extend certain expired or expiring tax provisions, including the popular IRA qualified charitable distribution (QCD) option. Under this tax provision, IRA owners age 70½ or older may contribute up to $100,000 per year of IRA assets tax-free to qualifying charities. This option expired for tax years after 2011.
The Senate could potentially bring this legislation to mark-up stage (determine its revenue effects) before the month-long congressional recess begins August 3. Under the proposed provisions, the QCD option would be extended for 2012 and 2013.