Until December 31, 2013, you can use the IRA (Individual Retirement Account) charitable rollover to make a gift to Answers in Genesis. A special rule included by Congress in the fiscal cliff law allowed it so you can convert your taxable distribution to a charitable distribution by making a cash gift to Answers in Genesis by December 31, 2013. The IRS will treat the amount of the cash gift as if you had made a direct rollover to Answers in Genesis, and you will avoid tax on the amount of the gift.
In order to make this special IRA gift, you must be at least 70 ½ years of age, and the donation is limited to a cash gift of $100,000. You do not have to make a cash gift of your entire IRA distribution. Instead, you may make a gift of a portion of the distribution and avoid taxes on the gift amount.
You only have until the end of December of this year to take advantage of this opportunity. Contact your IRA custodian to make a gift from your IRA and potentially reduce your taxes.
Editor’s note: This article was updated on December 23, 2013.
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