Extension of Tax-Saving Opportunity for Donors Over 70.5 Years of Age
On New Year’s Day, Congress passed the American Taxpayer Relief Act of 2012 which extended the Charitable IRA Rollover for charitable distributions.
This legislation allows gifts to be made to Westminster College using funds transferred from traditional or Roth individual retirement accounts without paying taxes on distributions.
- The donor must be 70.5 years or older
- The gift cannot be more than $100,000
- The gift must be completed by December 31, 2013 to qualify as a 2013 donation
- The charitable distribution counts toward minimum required distributions
- The funds must be transferred directly from the IRA Custodian to Westminster College
Contact your IRA custodian to transfer your desired gift amount to Westminster College. The transfer generates neither taxable income nor a tax deduction. As always, we encourage you to consult with your tax professional if you are contemplating an IRA transfer gift.
Individuals over 70.5 who would like to use IRA funds for charitable purposes for calendar 2012 have through January 2013 to do so. Click here for additional details.
Click here if you would like to read more about the philanthropic impact of the American Taxpayer Relief Act of 2012 as provided by the Sharpe Group.
Click here to be directed to the IRS website with additional information about the American Taxpayer Relief Act of 2012.