The IRA Charitable Rollover: Extended in 2013
Jan. 18, 2013: Passage of the American Taxpayer Relief Act on January 1, 2013 included the extension of the IRA Charitable Rollover through 2013.
The Charitable IRA Rollover allows individuals aged 70 ½ and older to donate up to $100,000 each year from their Individual Retirement Accounts (IRAs) to charities like Oregon Humane Society without counting the distributions as taxable income.
Additionally, if you didn't make a qualified charitable rollover gift in 2012, you have until February 1, 2013 to make a rollover gift directly from your IRA to charity and treat it as though the gift were made in 2012.
Individuals who have already 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, 2013 to an eligible charity.
When you make a charitable IRA rollover in place of taking your required minimum distribution, it lowers your taxable income since you will not have to claim the required minimum distribution as income. Because you’re not claiming the income, there is no charitable deduction. At this time, a charitable IRA distribution cannot be used to fund a charitable gift annuity.
Your Contribution Helps OHS Programs
When you make a qualified charitable distribution from your IRA account to the Oregon Humane Society, you will be supporting all of our programs - adoptions, humane investigations, animal rescues - all the work OHS is well known for. You also have the option of directing your gift to our permanent endowment, where it will lend support in perpetuity.
For more information contact your IRA account custodian; or OHS’s Gary Kish, Director of Development, at 503-416-2988 or via email.