The Charitable IRA Rollover Reinstated!
The most recent Charitable IRA Rollover provision has been extended through December 2013. The American Taxpayer Relief Act of 2012 enacted into law this year allows for tax years 2012 and 2013. Specifically, the new law retroactively reinstates the Rollover for 2012 and allows any otherwise eligible gifts made after December 31, 2012 and before February 1, 2013 to be treated as a 2012 donation.
This provision allows people who are 70½ years and older to make a current gift of up to $100,000 from a traditional or Roth IRA. Gifts made this way are not subject to income tax.
IRAs were never intended to avoid taxes, only to defer them. At 70½ owners of IRAs must begin taking taxable distributions from their plans. Many people will, therefore, find it more advantageous to use their IRAs to make charitable gifts, than to make gifts from other resources.
This opportunity applies only to gifts made during tax years 2012 and 2013. The transfer of the funds must be made directly by your plan administrator. Our office has letters you can use to instruct your plan administrator on your gift.
If you would like to further explore the possibility of supporting Goodwill Industries of Akron, please call us at 330-724-6995 and speak with Tracy Keenan or Greg Morton.
Please also consider naming Goodwill Industries of Akron as a beneficiary of a portion of the amount left in your IRA. Generally, it is better to leave IRA assets to charity and cash and stocks to family.
Thank you for considering Goodwill Industries of Akron as part of your charitable giving strategy.