American Taxpayer Relief Act of 2012
On January 2, 2013, the American Taxpayer Relief Act of 2012 was signed into law, allowing individuals who are at least 70 ½ years old to make outright charitable gifts to public charities from their traditional or Roth IRAs until December 31, 2013, without incurring federal income tax or early withdrawal penalties.
The IRA Charitable Rollover Extension enables you to contribute IRA funds without paying any income tax on withdrawals if:
· You are over the age of 70 ½;
· The charitable contribution is made directly from your IRA;
· Your total IRA charitable gifts do not exceed $100,000;
· You receive no economic benefit from the charity in exchange for the gifts.
To learn more about directing a distribution from your IRA to WQXR, please contact Dina Vaz, Associate Director of Legacy Giving, at (646) 829-4492 or firstname.lastname@example.org.
For sample letters, click here.