IRA ROLLOVER
The law includes several important provisions that will allow you to support the causes you believe in using your Individual Retirement Account (IRA).
Extension of the IRA Charitable Rollover
If you are 70½ or older, you can make a gift of up to $100,000 to University of Central Arkansas from your IRA to meet your annual distribution requirement. By making an IRA charitable rollover gift, you are able to avoid taxes on the IRA distribution while supporting our charitable mission. Contact your IRA custodian to make a gift from your IRA for 2013.
How to Make an IRA Rollover Gift in 2013
Congress also included a provision that allows individuals who are 70½ to make special gifts to charity! If you took a taxable distribution from your IRA in December 2012, you may be eligible to convert that taxable distribution to a charitable distribution by making a cash gift to charity by January 31, 2013. The IRS will treat the amount of the cash gift as if you had made a direct rollover to charity and you can then avoid tax on the amount of the gift.
Don't wait! You only have until the end of January to take advantage of this opportunity. Contact us today to learn more about how you can convert your taxable IRA distribution and potentially reduce your taxes.
Click here to read more about the CHARITABLE BENEFITS OF THE AMERICAN TAXPAYER RELIEF ACT OF 2012.
