WASHINGTON, May 13 -- Sen. Kevin Cramer issued the following press release:
As seniors and retirees across America consider estate planning for retirement, they have more options than ever before. In 2022, U.S. Senator Kevin Cramer (R-ND) successfully led an effort to include the Legacy IRA Act as part of the SECURE 2.0 Act, allowing seniors to make qualified charitable distributions (QCDs) from their individual retirement accounts (IRAs) and deduct up to $100,000 in QCDs from their gross income each year.
However, other types of retirement accounts are restricted from making tax-free charitable distributions. To make charitable distributions from non-IRA employer-sponsored retirement accounts, like a 401(k), existing law requires seniors...