Good news for those age 70 1/2 and older. The new tax bill signed into law extends the charitable IRA rollover through 2013. IRA account holders age 70 1/2 and older can make tax-free gifts for 2012 and/or 2013 from their Individual Retirement Accounts.
Donations up to $100,000 may be made to any nonprofit charitable organization holding a 501-c-3 determination letter from the Internal Revenue Service. These gifts can also count toward your minimum distribution requirements.
There is a special January window of opportunity for those who would like to make 2012 qualifying gifts. For the 2012 tax year, you must complete your IRA gift by Jan. 31, 2013.
Donors who wish to make these gifts must get a distribution form from the institution where they set up their IRA.
“While this applies to a fairly small segment of our community, it is an excellent opportunity for some individuals to support the charity of their choice and avoid the tax implications of assets grown within their IRA,” commented Susan Landis, executive director of the Beckley Area Foundation.
“These donations could help your alma mater, your church, United Way, a local food pantry, an arts group or any of the 380 funds at our community foundation.”
For more information call your financial adviser or the BAF office, 304-253-3806.
- Local News
Rainelle’s ‘colorful’ ex-mayor remembered
Former Rainelle Mayor Eugene “Geno” McKenzie, who died Monday, was known for his devotion to his hometown, according to those who knew him.
Fayette man indicted for failure to appear
A Fayette County man, who previously pleaded guilty to possession of child pornography charges was indicted Tuesday for allegedly failing to appear for a May 2012 sentencing hearing, announced United States Attorney Booth Goodwin.
Dog bites man; search on for would-be burglar
Fayette County Sheriff’s Department deputies are looking for a would-be burglar “with a dog bite,” Fayette Sheriff Steve Kessler said Wednesday.
Man arrested for firing into crowd
Mount Hope Police arrested a local man who allegedly fired a handgun into a crowd outside of Clinton Apartments Tuesday night.
Calendar — Thursday, June 20, 2013
Greenbrier Co. Relay for Life Friday
Relay for Life of Greenbrier County will take place on Friday at 5 p.m. at Modlin Field beside Greenbrier Valley Medical Center.
Ansted man arrested for false 911 calls
Fayette County Sheriff’s deputies arrested an 18-year-old Ansted man Tuesday following a false 911 call to the Fayette Emergency Operations Center and a foot chase.
Accident claims one
A Nicholas County man was killed in Kanawha County Monday when his vehicle left the road and struck a utility pole, Kanawha County officials reported Wednesday.
"The Road to Statehood" film to debut
“The Road to Statehood” airs Thursday night at 8 p.m. on West Virginia PBS, in commemoration of the state’s 150th birthday.
New labor panel eyeing workplace health, safety
Tragedies in West Virginia’s coal industry understandably attract voluminous news coverage, but lawmakers say other work places are hit by their share of injuries and illness, prompting a new committee to take a look at this.
Known as the Committee on Labor and Work Safety Issues, the new panel was requested by Sen. Jack Yost, D-Brooke.
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