Act Before Feb 1st for Extra 2012 Deduction

The Charitable IRA Deduction Is Back

Perhaps you or someone you know can benefit from the tax legislation just passed by Congress extending the IRA charitable rollover through 2013 and retroactively to 2012. On January 1, 2013, Congress enacted the American Taxpayer Relief Act of 2012 (ATRA). As part of that act, Congress included a late holiday gift to America’s nonprofit community through the restoration of the IRA Charitable Rollover provision.

This highly tax-efficient gift from your IRA is a great way to make an impact at The Community Foundation for Southern Arizona.

Here’s how you can help:

2013 IRA Rollover:

  • Individuals age 70½ or older are eligible to make a tax-free IRA charitable rollover gift of up to $100,000 anytime in 2013 by rolling over the distribution directly from their IRA to a qualified charity such as the Community Foundation for Southern Arizona.

Retroactive Options:

  • Individuals who turned 70½ in 2012 who would still like to make a gift from their IRA for 2012 may do so TAX-FREE by making a charitable rollover distribution directly to a qualified charity by January 31, 2013.
  • Additionally, individuals who took a taxable distribution from their IRA in December 2012 can now AVOID THE TAX on this distribution by making a gift of that amount up to $100,000 to a charity by January 31, 2013.

Always consult your tax advisor or financial planner to determine how your personal circumstances might be affected by this opportunity.

To learn more about making an IRA charitable read the  Council on Foundations analysis and explanation of the American Tax Payer Relief Act of 2012.

If you have additional questions, contact:

Leah Geistfeld, Executive Director, Center for Planned Giving

520-545-1117 xt. 7107 or lgeistfeld@cfsaz.org