The American Taxpayer Relief Act of 2012 has a short window of opportunity to make a qualifying distribution for calendar year 2012.
The IRA charitable rollover, which was renewed on January 2, 2013, allows individual taxpayers older than 70 ½ years to donate up to $100,000 from their individual retirement accounts (IRAs) and Roth IRAs to charitable nonprofits without having to treat the withdrawals as taxable income.
The American Taxpayer Relief Act of 2012 extends for 2012 and 2013 the IRA rollover giving incentive, which expired at the end of 2011. The legislation will continue to allow individuals 70 ½ years and older to give up to $100,000 from their IRAs to charitable nonprofits without being taxed on their contributions. The law retroactively restores the tax incentive by permitting eligible individuals to give their mandatory distributions taken in December 2012 or January 2013 to charities like the Foundation for Community Care and apply the rollover to their 2012 tax filing.
If you took your IRA withdrawal in December 2012, and are interested in making a tax-free gift, we encourage you to speak with your tax professional or Staci Miller at the Foundation for Community Care by calling 406-488-2273 or stopping by our office at 221 2nd Street NW, Sidney, MT.
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