IRA Charitable Rollover

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 .

Click HERE for the Philly.com article.

by the numbers...

  
· First enacted in 2006 as part of the Pension Protection Act, reinstated for this year
  
· Taxpayers age 70.5 and older must make annual distributions from their IRAs which are then included in their taxed Adjusted Gross Income (AGI)
  
· In 2013, those donors can make gifts to Germantown Academy from their traditional IRA's or Roth IRA (other retirement plans are ineligible) without counting them as part of their AGI
  
· IRA Rollover contributions can be made up to $100,000
  

· Your contribution can change the nature of a Germantown Academy education by providing: educational opportunities for 1,083 students in three divisions; support and compensation for 250 full-time faculty and staff; essential interactions by maintaining an average 8:1 student to faculty ratio; 18 performing arts programs; 26 interscholastic athletics programs; more than 50 student clubs; 19 Advanced Placement courses; care for a 126 acre campus.