The Tax Increase Prevention Act of 2014, H.R. 5771 passed the Senate. Included was an extension of the Qualified Charitable Distribution from an IRA directly to a charity allowance for those over 70 1/2. A few things to note:
- This is only for 2014, meaning at the end of this year it will expire again.
- If an individual has already taken their RMD there is no provision allowing the RMD to be rolled over and a new QCD taken in it's place.
- If an Individual took a distribution that was given directly to charity earlier in the year, it can qualify as a QCD if it meets all requirements otherwise.

IR 2014 - 117 from yesterday.

Congress has habitually made this change at the end of the tax year. However, the mechanics for taking advantage of the opportunity are the same as those used prior years; they are well explained in the announcement.

IRA participants should act on the advice of a qualified tax preparer, but this is a no brainer for anyone who has an RMD and routinely makes charitable contributions.