IRA Charitable Gifts

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Photo courtesy of Joshua Davis

The IRA Charitable Rollover allows individuals over age 70½ to directly transfer up to $100,000 per year from an IRA account to one or more charities. This transfer counts toward the minimum required distribution rule for IRA accounts.

Any qualified distributions made in January 2013 directly to charities from IRA accounts will be deemed to have been completed on December 31, 2012, if the taxpayer so chooses. 

Individuals who took outright distributions from their IRA accounts in December of 2012 can transfer up to $100,000 of that amount to charities and elect to treat it as a direct distribution to charity in 2012.

As always, we encourage you to seek advice from your accountant or financial adviser to find the best option for you. 

For more information please contact Denise Creedon at development@chemheritage.org.

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