American Taxpayer Relief Act includes renewed opportunity for IRA rollovers to charity in 2013

The American Taxpayer Relief Act of 2012, recently signed into law, includes a renewed opportunity for those 70½ and older to give to charity from an IRA through calendar year 2013.

In addition, Congress announced a "January Sale" on gifts made from traditional or Roth IRAs. IRA gifts made to charity before the end of January 2013 will be deemed to have been made in 2012 for tax purposes. This means it is possible to make IRA rollover gifts of up to $200,000 in 2013.

"This IRA rollover is a great way for people to make charitable donations while paying less in taxes," says Joanna Donnelly Dales, vice president, Donor Relations. "We are encouraging our donors to contact their tax professional when considering this renewed opportunity."

IRA-qualified charitable distributions:

  • Are tax free up to $100,000.
  • Will qualify for all or part of the required minimum distribution.
  • May only be made by an IRA holder who is 70½ or older at the time of the gift.
  • Must be an outright gift to a charitable organization such as the Kalamazoo Community Foundation.
  • May only be made from traditional IRAs and Roth IRA.

If you would like to learn more about taking advantage of this opportunity to "love where you live," please contact a member of our Donor Relations team.

Click here to download a PDF of Frequently Asked Questions about the American Taxpayer Relief Act of 2012 and the IRA rollover opportunity.

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