| Looking for a way to help The Seeing Eye while reducing your 2012 tax bill? It\’s not too late! You or someone you know who is over 70 ½ can still make a charitable gift donation and claim it under last year\’s taxes.
On January 2, 2013, the president signed the American Taxpayer Relief Act of 2012 (\”ATRA\”) into law. ATRA brings back the popular IRA charitable rollover provision allowing donors age 70 1/2 or older to make a gift of up to $100,000 from their IRAs directly to charity without having to include the amount in income.
Congress included two special 2012 rules being referred to as the \”January sale\”:
- Donations made directly from an IRA before February 1, 2013 may be counted retroactively for the 2012 tax year, if you so elect;
- Cash distributions you may have taken from an IRA in December 2012 may be used to make a cash contribution to charity before February 1, 2013 and treat it as a 2012 rollover gift.
The IRA Charitable Rollover is also in effect for all of 2013 with the same rules as in prior legislation that allowed for such gifts.
To discuss ways you can make a gift to The Seeing Eye please contact Davida Isaacson 973-539-4425 or [email protected]
The Seeing Eye does not provide tax or legal advice. Please consult your tax adviser. |
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