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Fiscal Cliff Legislation Extends Charitable IRA Rollovers Through 2013

Friday, January 4, 2013

(Planned Giving Design Center) – H.R.8, the “American Taxpayer Relief Act” extends the Charitable IRA Rollover through December 31, 2013. This means that donors age 70 ½ or older can ask their IRA custodian to transfer up to $100,000 to a public charity in 2013. The transfer will be a totally tax-free transfer to the public charity and thus equivalent to a 100% charitable deduction which is not subject to the normal charitable giving limit of 50% of adjusted gross income. There is of course no separate charitable deduction for the tax-free transfer to the public charity. (Note – CHRISTUS Stehlin Foundation is a public charity.)

There is also a special opportunity in January 2013 to make a 2012 Charitable IRA Rollover gift if the donor received an IRA distribution in December. The recipient of the December distribution must make a charitable gift from that distribution to a qualified charity before February 1, 2013. This means that a donor who received an IRA mandatory distribution or other distribution during December 2012 may choose to make a charitable gift in January 2013 to a qualified charity and it will be treated as a 2012 Charitable IRA Rollover gift. The normal rules apply: the donor must be 70 ½ and the amount must be $100,000 or a lesser amount and the gift must be made to a public charity.

(See other key tax law changes made by the Taxpayer Relief Act in this separate article.)

As in all cases, consult your own advisors who must assume final responsibility in advising you whether or not this gift is appropriate in your unique circumstances.

Article author – Winton Smith is a practicing attorney in Memphis, Tennessee who specializes in estate tax strategies and tax planning, financial development and planned giving for charitable organizations. He may be reached at 800-727-1040 or wsa [at] wintonsmith [dot] com and welcomes your inquiries.

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Houston, Texas 77025-5447
713.659.1336


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