Although it’s a New Year, there is still an opportunity to make a charitable donation for the 2012 tax year. The American Taxpayer Relief Act of 2012 that averted the fiscal cliff and maintains incentives for charitable giving for most Americans affects charitable giving in several ways; some still to be determined and we will keep you apprised of any developments for 2013 giving.

One important piece we need to make you aware of now is the return of the IRA charitable rollover for 2012 and 2013. Donors age 70 ½ and older are eligible to make tax-free distributions of $100,000 per year from their IRAs directly to qualified charities without having to pay income taxes on the money. Congress outlined special transition rules that include:

  • Qualified distributions made by January 31, 2013, may be counted retroactively for the 2012 tax year.
  • Taxpayers who took a distribution from an IRA in December 2012, may make a cash contribution to a qualified charity before February 1, 2013, and treat this as a direct transfer.
  • Individuals can make tax-free charitable IRA distributions for 2013 of up to $100,000 before December 31, 2013.  


We encourage you to consult your tax adviser to better understand the tax implications of any charitable gift. If you have questions about making a gift to Parent Project Muscular Dystrophy, please contact:

Mary Connolly
Vice President of Development
201-250-8440

mary@parentprojectmd.org

 

Thank you for your ongoing support.


Mary Connolly, Vice President of Development
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