S.4511

Federal SB4511 amends the Internal Revenue Code to exclude charitable distributions from certain employer-sponsored retirement plans from gross.

Federal SB4511 amends the Internal Revenue Code to exclude from gross income charitable distributions from certain employer-sponsored retirement plans. This applies to distributions made directly to a qualifying charitable organization by an eligible retirement plan, such as a 401(k) plan, a 403(b) plan, or a 457(b) plan. The distribution must be made on or after the individual's 70½ birthday. The exclusion applies to distributions made in taxable years beginning after the enactment of this Act.