Congress has extended the provision that lets you make a tax-free gift from
your IRA if you are age 70½ or older. Here is how it works.
You direct a qualified distribution (up to $100,000) from your IRA directly to Manchester University
This distribution counts toward your required minimum distribution
You pay no federal income tax on the distribution
Special January 2013 Options
If you took an IRA distribution in December 2012, you can make a cash charitable contribution in January 2013 up to the amount of your distribution, and then count the contribution as an IRA Charitable Rollover for 2012—which means excluding it as income for 2012.
If you make a January 2013 qualified charitable distribution from your IRA, it will be deemed to have been made on December 31, 2012. This allows you to make a second qualified charitable distribution in the remaining months of 2013.
These two limited time IRA Charitable Rollover opportunities provide a real planning advantage!
For more information, contact:
Stephen Thomas, director of gift and estate planning