Thursday, January 10, 2013

The "American Taxpayer Relief Act" extends the Charitable IRA Rollover through December 31, 2013

The "American Taxpayer Relief Act" extends the Charitable IRA Rollover through December 31, 2013. This means that Donors age 70 and ½ or older can ask their IRA custodian to transfer up to $100,000 in 2013 to a public charity. The new law is tax-free from their IRAs directly to certain charitable organizations without including the distribution in gross income.

There is also a special opportunity in January of 2013 to make a 2012 Charitable IRA Rollover gift if the donor received an IRA distribution in December of 2012. 

This rule generally applies to such transfers made in 2013, except that transfers made prior to February 1, 2013 may be treated as if they were made in 2012. In addition, if a taxpayer took a distribution in 2012 and now gives it to charity by Feb. 1, the taxpayer can treat that distribution as a qualified rollover if it otherwise would have qualified even if it didn't go directly to charity but to the individual.

We hope this information is helpful to you as you begin to plan for the year ahead.

As in all cases, consult your own advisers who along must assume final responsibility in advising you whether or not this gift is appropriate in your own unique circumstance.

Visit http://www.unicornchildrensfoundation.org/donate-now/ to help us change a life today.

Fondly,
Your Friends at the Unicorn Children’s Foundation

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