Charitable Giving Under the American Taxpayer Relief Act of 2012

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On January 2, 2013, President Obama signed into law the “American Taxpayer Relief Act of 2012” (ATRA). In this Alert, we explore the good news and the bad news that charitably minded individuals received with the passage of ATRA.

Let’s start by getting the bad news out of the way. ATRA revived the itemized deduction limitations, also known as the “Pease Amendment” (named after Congressman Donald Pease, the amendment’s proposer in the 1990s). Under Pease, total itemized deductions are reduced by 3 percent not to exceed 80 percent, of the amount the taxpayer’s adjusted gross income exceeds the threshold amount — $250,000 for single filers, $275,000 for heads of household and $300,000 for married filing jointly (indexed for inflation). Charitable deductions are included in the limitation equation.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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