IRA Charitable Rollover Reinstated

 

Congress has re-authorized for 2012 and 2013 as part of the recently passed American Taxpayer Relief Act of  the provision that allows individuals who are 70 ½ or older to make charitable donations of up to $100,000 per year from their IRA accounts to without first incurring income taxes on the withdrawal

Because Congress acted after the end of 2012 to reinstate the IRA rollover provision they have provided two ways that you can make this type of donation to HDSA and still have it count for 2012.

Option 1: To make an IRA transfer by January 31, 2013 and choose to have it count as a charitable gift or 2012. The administrator of your IRA plan will make the actual distribution to HDSA. Click here for a sample letter of instruction that you can send to you plan provider.

Option 2: If you have already taken a distribution from your IRA in December 2012, you are allowed to send HDSA a check by January 31, 2013 and elect on your tax return for the December 2012 distribution to count as an IRA rollover.

*If you would like to make an IRA rollover gift for 2013, you need only direct your IRA plan provider to make the distribution to HDSA. Click here for a sample letter of instruction