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IRA Charitable Gift PDF Print E-mail

The IRA Charitable Rollover Act -- Just Extended Through 2013

Nearly 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].

Why make a gift to HLI from your IRA?

At 70 ½, you must begin receiving the Required Minimum Distributions from your IRA regardless of whether you actually need the income. Contributing your distribution to HLI can cover or count toward your Required Minimum Distribution and help us save babies and fight the culture of death around the globe.

How will the charitable IRA rollover be reported on your income tax returns? The Pension Protection Act provides that a person over the age of 70 ½ can donate up to $100,000 from an IRA and can exclude the gift from taxable income. There is no charitable income tax deduction for the gift. The tax benefit is the ability to exclude the distribution from your gross income.

As always, it is advisable to contact your personal tax advisor.
If you have any questions, please contact Bill Williams at 540-622-5285.

 

 
 

 

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Types of Planned Gifts

Charitable Gift Annuity
Life Insurance
Will or Trust 
IRA Charitable Gift

 

St. Gianna

 

 

 

 

 

Contact the HLI Planned Giving Office:

bill_williamsBill Williams
Development Manager
Human Life International
4 Family Life Lane
Front Royal, VA 22630

Direct: (540) 622-5285
Fax: (540) 622-6247
E-mail: wwilliams@hli.org

 

Human Life International - 4 Family Life Lane - Front Royal, VA 22630 U.S.A. - Phone: 800-549-5433 - Fax: 540-622-6247 - E-Mail: hli@hli.org
Copyright © 2013 Human Life International, Inc. All rights reserved.