IRA Charitable Rollover - Retroactive for 2012, Reinstated for 2013
The President signed the American Taxpayer Relief Act of 2012 into law on January 2, extending the IRA Charitable Rollover for one more year. Donors age 70½ or older are once again eligible to donate, tax-free, up to $100,000 from their IRAs directly to qualified charities like Germantown Academy. Congress recognized the issues with a late extension and provided two special transition rules:
1) Qualified distributions made by Feb. 1, 2013, may be counted retroactively for the 2012 tax year.
2) A taxpayer who took a distribution from an IRA in December 2012, may make a contribution to a qualified charity before Feb. 1, 2013, and treat this as a direct transfer.
If you have questions or would like to speak to someone about a gift to Germantown Academy through your IRA, please contact Martin Dean, Associate Director of Institutional Advancement, at 267.405.7458 or firstname.lastname@example.org.
Click HERE for the Philly.com article.