A recent donor was able to avoid including his RMD in 2013 taxable income by directing his IRA custodian to issue a check directly to Unity Foundation. His generous contribution was designated to a charitable organization in which he had a special interest. He was able to convert tax dollars to funds that will benefit our community forever! That’s not magic—it’s smart planning.
The American Taxpayer Relief Act of 2012 (H.R. 8) extended the IRA charitable rollover through December 31, 2013. The provision permits tax-free distributions to any eligible charity from an IRA held by someone age 70½ or older of up to $100,000 per taxpayer. This contribution qualifies for the Required Minimum Distribution (RMD). How many of your clients can this help? The end of the year is fast approaching.
If you or your clients would like assistance, please feel free to contact Maggi or Warren at 219-879-0327.