|IRA Charitable Gift|
The IRA Charitable Rollover Act -- Just Extended Through 2013Nearly half your retirement plan assets can be eaten away by taxes at your death. You may wish to take advantage of Federal tax law that make gifts of retirement plan assets easier and simpler. The Pension Protection Act of 2006, recently extended through 2013, allows for IRA charitable rollovers in amounts up to $100,000 to charities tax-free.
SPECIAL 2012 Deduction: the new law retroactively reinstates the Rollover for 2012 and allows any otherwise eligible gifts made after December 31, 2012 and before February 1, 2013 to be treated as a 2012 donation.
If you are age 70 ½ or older, the legislation allows you to make cash gifts totaling up to $100,000 a year from your traditional or Roth IRA to Human Life International without incurring income tax on the withdrawal.
This provision is effective until December 31, 2013. This extension is good news for people who want to make a charitable gift from their retirement assets, but have been discouraged from doing so because of the income tax penalty.
How do you get started?Write a letter to your IRA administrator requesting a distribution to be sent directly to Human Life International. Sample letter to notify your IRA administrator [IRA request distribution.pdf].