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.
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