It’s official, the American Taxpayer Relief Act of 2012 has been signed into law. Donors age 70 ½ or older are once again eligible to move up to $100,000 from their IRAs directly to charity (including The Memorial Foundation) without having to pay income taxes on the money. The new law gives taxpayers some certainty for at least another year, and in some cases, permanently. Here are some highlights of changes in effect for 2013:
Congress recognized the issues with a late extension and provided two special transition rules:
- Qualified distributions made by February 1, 2013, may be counted retroactively for the 2012 tax year.
- A taxpayer who took a distribution from an IRA in December 2012, may make a contribution to a qualified charity before February 1, 2013, and treat this as a direct transfer.
We are happy to work with your financial planner on IRA Rollovers and stock transfers. Call us at (509) 576-5794.