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
110 Marshall to host blues group
“Playing the blues ... and only the blues” is the motto of Charles-ton-based blues group Chaz Humley and the Effects, who will be playing at Beckley’s eclectic 110 Marshall (Ave.) music and arts venue at 8 p.m. Saturday.
Students to perform in concert as Honor Band
Band students throughout southern West Virginia are coming together Saturday in Beckley to perform as the Southern West Virginia Honor Band.
- Calendar — Friday, March 7, 2014
Three arrested for robbery
Fayette County Sheriff’s deputies arrested two men and a woman for allegedly beating a drug dealer with an ax handle and stealing his money on Feb. 22.
Bills debated on second reading
A few bills on second reading in the State Senate got some debate Thursday in the final days of this legislative session.
Industrial hemp, breast-feeding bills make it out of committees
The Senate Judiciary Committee voted unanimously Thursday to allow industrial hemp to be grown at state colleges and universities, but stopped short of allowing the plant to be grown for sale by private industry.
Boy Scout wild game dinner to offer snake, bear and other fare
For every person who has ever wondered what rattlesnake tastes like but never had the chance to find out, area Scouts will serve up a selection of exotic treats.
Beckley to recognize Teel Road fire rescuers
Two Beckley men who pulled a sister and brother from a burning home Monday evening will be honored by the Beckley Fire Department and the City of Beckley, Beckley Fire Chief Billie Trump announced Thursday.
Beckley’s comprehensive plan ready for review
The City of Beckley’s 2014 Comprehensive Plan is now available for review by the public and an adoption schedule is planned.
Mom accused of forging doctor’s excuses
A Fayette County mother faces prison time after allegedly forging doctor’s excuses to avoid a misdemeanor truancy charge.
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- 110 Marshall to host blues group