In a period of time when it seems that everything our government does creates either unnecessary regulation or a tax burden on the American people, it was very refreshing to me to discover the PATH Act of 2015, which helps donors support their favorite charities.
IRA owners older than the age of 71 1/2 may make a transfer to a qualified charity that is tax free and not included in adjusted gross income.
This is a significant opportunity for my wife, Sara, and I to help repay Mount Nittany Health for the lifesaving services we recently received. Since a “qualified charitable distribution” is not included in taxable income, the end result is an increase in the amount given by as much as 30 percent depending on your tax bracket.
I would encourage others in Centre County to explore this opportunity, if they have not already done so, to maximize the amount of help that can be given to worthwhile charities.
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Henry Parks, State College