IRA Rollovers to Charitable Organizations

Our treasurer, John H Blaubach EA (jhb_ea@hotmail.com), would like to make a special announcement about a new law from Congress. Taxpayers age 70 1/2 or older can donate up to $100,000 from Roth or traditional IRAs to Solid Rock –Climbers for Christ without including the amount of their IRA withdrawals in gross income. Taxpayers can make a rollover in January 2013 and have it treated as if made in 2012. Also, taxpayers who took a distribution in December of 2012may contribute that amount to a charity and treat it as an eligible rollover to the extent it otherwise qualified as a charitable rollover. Also, one can do the same for the 2013 tax year. Please remember that it’s required that the distribution come from the IRA account directly to the SRCFC.  In other words, the owner cannot touch the money. Contact John for more information.

 

Date Posted - 01.23.13

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