Gromada Head & Neck Cancer Foundation

News

Blog Entries - Brandon C. Gromada Head & Neck Cancer Foundation

Archives Tags

2022 2021 2020 2019 2018 2017 2016 2015 2014 2013

1964 (2) 2014 (2) 20th Century Theater (4) 50th Anniversary Celebration (2) Adam Yauch (2) August 27 (4) Award (1) Beastie Boys (2) Beatles (2) Benefit (2) Bleed for a Cause (2) Brandon Acts of Kindness (1) Brandon C. Gromada Head & Neck Cancer Foundation (1) Brandon's Foundation (2) cancer research (1) Cancer Research (2) Chicago (1) Cincinnati Gardens (2) Cincinnati Reds (1) cocktail reception (1) Cooking With Caitlin (1) cure (1) CycleBar (1) Cyclethon (1) donate (1) Donate (1) donation (1) Events (1) FAB 4 A CURE (1) Foundation (1) Funding (1) fundraiser (1) Fundraiser (1) fundraising (6) Fundraising (6) Giving Tuesday (1) grant awards (1) Grant Awards (1) Grant recipients (1) Grant Recipients (1) Grants (1) gratitude (1) Great Food for a Great Cause (1) Gromada (1) Happy 2015 (1) Happy Hour (1) Happy hour (1) Head & Neck Cancer (9) Head & neck cancer (1) Head & Neck Cancer Awareness Month (2) Head & Neck Cancer research (1) Head & Neck Cancer Research (2) Head & Neck Cancer Warrior (1) Head 7 Neck Cancer (1) head and neck cancer (7) Head and neck cancer (8) Head and Neck Cancer (7) Head and Neck cancer (1) head and neck cancer research (2) Head and Neck Cancer Research (1) Head For A Cure (4) HeadForACure (1) Holiday Season (1) holiday shopping (1) Hoxworth (1) Hoxworth Blood Centers (1) IRA holder or beneficiary (1) Laissez les bons temps rouler (1) Mardi Gras (3) Mardi Gras MASKerade (3) Mariemont restaurant (1) MASKerade (3) MCA (1) MCA Day (1) MCA Day Chicago (1) MD Anderson Cancer Center (2) Oakley Wines (1) Online auction (1) online bidding (1) oral cancer (2) President Obama (1) QCD (1) Qualified Charity (1) Request for proposals (1) research (9) Research (20) RFP (1) Robin Lacy & DeZydeco (1) Rusty Ball (3) Schwartz Jewelers (2) screening (1) She's Crafty (1) silent auction (1) Special guest (1) Sponsor (1) statistics (1) Tax Increase Prevention Act of 2014 (1) Thank you (2) The Beatles (1) The National Exemplar (3) The Phoenix (1) The Rusty Ball (1) ticket presale (1) Ticket sales (1) Ticketing (2) tickets (1) treatment (2) University of Cincinnati Cancer Institute (4) University of Cincinnati College of Medicine (2) University of Cincinnati Research (1) Upcoming events (5) Upcoming Events (2) Who We Help (1) Wine-Food Pairing event (1) WKRC Cincinnati Local 12 (1) young professionals (1)

Tax Increase Prevention Act of 2014

December 24, 2014 | Brandon C. Gromada Head & Neck Cancer Foundation, IRA holder or beneficiary, President Obama, QCD, Qualified Charity, Tax Increase Prevention Act of 2014

The Tax Increase Prevention Act of 2014 signed by President Obama on December 19, 2014 allows IRA owners who are at least 70½ years old to give up to $100,000 directly from an IRA to a charity without having to include the distribution in taxable income for the 2014 tax year. The provision is retroactive to January 1, 2014, and expires December 31, so decisions must be made quickly.

Donating IRA funds directly to qualified charities allows the IRA holder or beneficiary to avoid taking possession of the funds and the tax bill that comes with them. It also allows the extra income to be excluded from tax formulas for Medicare premiums or for the Pease limitation on itemized deductions.

In brief, a qualified charitable distribution (QCD) from an IRA can be made only by an IRA owner or beneficiary age 70½ or older, and can total up to $100,000. A spouse age 70½ with an IRA could give up to $100,000 as well. A QCD can be used to meet your required minimum distribution. The funds, which cannot come from active SEP or SIMPLE IRAs, must be sent directly to the qualified (IRS-approved) charitable organization.