IRA Planning And Charitable Gifts

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Congress extended through the end of 2013 the popular "charitable IRA transfer."  This permits individuals who have reached age 70 1/2 to make income tax-free distributions up to $100,000 directly from an individual retirement plan to one or more charitable organizations.  Two additional twists were added:

  • Charitable IRA distributions which are completed by February 1, 2013 can be treated as if made in 2012.
  • A distribution from an IRA to the IRA owner in December 2012 can be treated as a qualified charitable distribution in 2012 if the amount is transferred in cash to charity before February 1, 2013.

Note:   Unlike the other provisions of ATRA 2012, the charitable IRA transfer is again set to expire at the end of 2013.

 


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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