Bipartisan Bill Aims to Allow Direct Charitable Donations from 401(k) Accounts
A new bipartisan bill, the Charity Parity Act, has been introduced in both the House and Senate. It would allow retirees aged 70½ or older to make qualified charitable distributions (QCDs) directly from their 401(k)s instead of only from IRAs. This change could encourage more people to keep retirement savings within employer-sponsored plans.
Topics: 401(k) charitable donations QCDs tax law