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IRA charitable rollover provision retroactive for 2012

The American Taxpayer Relief Act of 2012 signed into law earlier this month includes a retroactive extension that allows individuals age 70½ or older to donate Individual Retirement Account (IRA) distributions directly to eligible charities before February 1 and have them treated as qualified charitable distributions for 2012. In addition, individuals who received an IRA distribution in December 2012 can count that distribution as a 2012 IRA charitable rollover if they transfer the amount in cash before February 1 to an eligible charity such as the Wisconsin Medical Society Foundation.

Tax-free distributions to charity from an IRA are limited to up to $100,000 per taxpayer under this act. An IRA charitable rollover is described as a “qualified charitable distribution,” or money that individuals may direct from their traditional IRA to eligible charitable organizations. Individuals may exclude the amount distributed directly to charity from their gross income.

The IRA charitable rollover provision also was extended to December 31, 2013, allowing individuals age 70½ or older to donate IRA distributions to eligible charities and have them treated as qualified charitable distributions for 2013.

There are many options for directing the use of IRA distributions made to the Wisconsin Medical Society Foundation. For some, this is a unique opportunity to create an endowment fund, allowing donors to experience the joy of seeing their gifts in action. Donors may further increase the impact of their gift in the future by naming the Foundation in their will or other estate planning.

For more information on the IRA charitable rollover provision, contact a financial adviser or Foundation Executive Director Eileen Wilson at 608.442.3722.

To learn more about the Foundation, visit our website.

Back to January 24, 2013 Medigram