IRA Charitable Rollover

If you're 70½ or older, you may be able to make a tax-free IRA gift to ACR in 2013.

Since 2006, the federal government has allowed individuals ages 70½ and older to transfer up to $100,000 per year directly from an IRA to public nonprofit organizations like ACR without triggering a federal income tax. This is likely to be allowed again in 2013, but the volatility of the economy and the contentious nature of politics make it impossible to say for certain that the IRA charitable rollover bill will be extended.  If the charitable rollover is again allowed, it will likely be near the end of 2013.

If the act is extended in 2013, donors will likely again have to make sure that:

•The IRA owner is 70½ or older when they make their transfer.

•The transfer is for no more than $100,000 for the year

•The transfer is made directly from a trustee to the charitable organization

In the past, some donors found the IRA charitable rollover a very convenient and tax-wise way to make a year-end gift.  If you are interested in this method of giving, please check this site to see if the Charitable IRA rollover is allowed in 2013.  We will post that good news here as soon as received.