Washington, May 14 -- Rep. Mike Kelly issued the following press release:
This week, U.S. Representatives Mike Kelly (R-PA) and Don Beyer (D-VA), and U.S. Senators Kevin Cramer (R-ND), and Senator Chris Coons (D-DE) 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 $110,000 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 fro...