The Charitable IRA Rollover: Opportunity for 2013
The American Taxpayer Relief Act of 2012, an attempt by Congress to avoid
the fiscal cliff, resurrected the IRA Charitable Rollover, which had expired
at the end of 2011.
Translated, that means this provision has been extended through December
31, 2013. It authorizes a tax free Qualified Charitable Distribution (QCDs)
transferred from an IRA directly to a charitable organization such as
- The owner of the IRA making the direct transfer must be age 70 ½
or older to qualify.
- Each IRA owner can exclude from gross income up to $100,000 of QCDs annually.
- Transfers are only allowed from an IRA
The QCD can be used as a strategy to reduce taxable income that is required
from an IRA in 2013. In other words, all or a portion of the income distribution
that is required to be made by the IRA to its owner can be distributed
instead directly to Casa Colina. The charitable distribution is not subject
to income tax for 2013.
For information about how you can benefit from this revised tax benefit,
- Contact your IRA fund advisor for directions, or
- Contact: Kathy Ward, Director of Major Gifts, Casa Colina Foundation
The information in this article is not considered as legal or tax advice.
The reader should consult with his or her tax accountant or legal counsel.
Casa Colina Foundation
255 East Bonita Avenue
Pomona, CA 91767
Legal Name: Casa Colina Foundation
State of Business: California
Tax ID Number: 95-3655255