The IRA charitable rollover is an opportunity for those eligible to make a gift to a charity of their choice, like KRCU. We asked Trudy Lee to give us the details about the IRA charitable rollover.
The IRA charitable rollover legislation allows you to transfer lifetime gifts up to $100,000 using funds from your individual retirement account (IRA) without undesirable tax effects. You may contribute funds this way through December 31, 2013, if:
- You are age 70½ or older at the time of the gift,
- You transfer funds directly from an IRA to a qualified charity, and
You transfer the gifts outright (not for gift annuities, charitable trusts, donor advised funds or any gift from which you receive a personal benefit).
You may still make an IRA charitable rollover gift retroactive to 2012 if:
- You made a qualified charitable distribution of any amount up to $100,000 in 2012, or
- You make a qualified charitable distribution before February 1, 2013, which you elect to count retroactively for 2012.
Contact your professional tax advisor and IRA administrator for further details regarding how you may benefit from an IRA charitable rollover in 2012 or 2013.
