Washington, Sept. 4 -- Rep. Don Beyer issued the following press release:
Congressman Don Beyer (D-VA), Congressman Mike Kelly (R-PA), Senator Cramer (R-ND), and Senator Chris Coons (D-DE) today introduced the Charity Parity Act, which would allow taxpayers to make direct qualified charitable distributions (QCDs) from their employer sponsored retirement plans.
Currently, retirement savers can exclude up to $111,000 in QCDs from their gross income annually. However, QCDs must be made directly from an individual's IRA to eligible charitable organizations. Distributions from employer-sponsored plans, such as 401(k)s and 403(b)s, are not eligible for QCD treatment. Individuals who wish to make charitable contributions from employer-sponsored r...